CORINTH PIPEWORKS HOLDINGS S.A.
Q1 2007 Results
Corinth Pipeworks Group turnover reached Euro 95.6 mil in Q1 2007 increased by 12% versus Q1 of 2006. EBITDA reached Euro 16.3 mil. versus Euro 8.9 mil. in last year''s Q1 which makes for 17.1% EBITDA margin (10.4% in 2006). Earnings before tax amounted Euro 10.97 mil., increased by 226% over 2006 (Euro 3.37 mil.), while earnings after tax and minorities are reported at Euro 10.35 mil. (or Euro 0.084 EPS) versus Euro 2.34 mil. (or Euro 0.019 EPS) in Q1 of 2006.
At the company level, turnover remained almost unchanged, even though earnings and profitability ratios reported significant growth. Specifically, EBITDA reached Euro 13.2 mil. versus Euro 8.45 mil. in Q1 of 2006 (56% growth), while Earnings before tax reached Euro 8.8 mil., increased by 154% versus Q1 of 2006. Lastly, earnings after tax and minorities reported significant growth by 231% and reached Euro 8.2 mil. (or 0.066 EPS).
The significant growth in terms of turnover and profitability is 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 improvement of productivity and operating cost, as a result of the systematic efforts of the three-years restructuring plan, aiming at rationalizing the company''s production and commercial activities.
Net debt (Debt - Cash) of Corinth Pipewoks SA was further reduced to Euro 100.4 mil. in Q1 2007 versus Euro 110.7 mil. at Dec 31st, 2006 and is significantly diminished by Euro 74 mil. from Q1 2006. Company Shareholders Equity is further enhanced and reached Euro 105.1 mil. while Group shareholders equity reached Euro 103.9 mil.
Having entered its growth phase and operating in favorable market conditions, Corinth Pipeworks continues its efforts to develop new products, improve the flexibility of its production base and further decrease its operating cost, in order to improve its competitive position at the international arena.
The Q1 2007 Interim Financial Statements are published in the Newspaper NAFTEMPORIKI on the May 8th, 2007 paper.
At the company level, turnover remained almost unchanged, even though earnings and profitability ratios reported significant growth. Specifically, EBITDA reached Euro 13.2 mil. versus Euro 8.45 mil. in Q1 of 2006 (56% growth), while Earnings before tax reached Euro 8.8 mil., increased by 154% versus Q1 of 2006. Lastly, earnings after tax and minorities reported significant growth by 231% and reached Euro 8.2 mil. (or 0.066 EPS).
The significant growth in terms of turnover and profitability is 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 improvement of productivity and operating cost, as a result of the systematic efforts of the three-years restructuring plan, aiming at rationalizing the company''s production and commercial activities.
Net debt (Debt - Cash) of Corinth Pipewoks SA was further reduced to Euro 100.4 mil. in Q1 2007 versus Euro 110.7 mil. at Dec 31st, 2006 and is significantly diminished by Euro 74 mil. from Q1 2006. Company Shareholders Equity is further enhanced and reached Euro 105.1 mil. while Group shareholders equity reached Euro 103.9 mil.
Having entered its growth phase and operating in favorable market conditions, Corinth Pipeworks continues its efforts to develop new products, improve the flexibility of its production base and further decrease its operating cost, in order to improve its competitive position at the international arena.
The Q1 2007 Interim Financial Statements are published in the Newspaper NAFTEMPORIKI on the May 8th, 2007 paper.