Corinth Pipeworks Group turnover reached 282.4 mil euro in nine month period of 2007 versus 248.1 mil euro the respective period last year, marking a 13.8% increase. Earnings before interest, tax and depreciation (EBITDA) reached 49.3 mil euro versus 30.4 mil euro in 9M 2006, marking an increase of 62.2%. EBITDA margin reached 17.5% on Group turnover versus 12.3% in 2006. Substantial increase by 141% marked earnings before tax, which amounted to 33.7 mil euro versus 14 mil euro in 2006, while earnings after tax and minorities marked a 144% increase and reached 29.4 mil euro (0.237 EPS) versus 12.1 mil euro (0.097 EPS) in 9M 2006.
At company level, figures follow the same pattern as the consolidated ones. Turnover reached 255.6 mil euro versus 245.8 mil euro in 9M 2006. EBITDA amounted to 40.5 mil euro versus 30.1 mil euro (35.0% increase) while earnings before tax reached 26 mil euro, marking an increase of 67% over 2006. Earnings after tax increased by 76%, reaching 23.8 mil euro (0.191 EPS versus 0.109 EPS in 9M 2006).
The increase of sales turnover and the high profitability are mainly attributed to:
- the increased price levels of the projects in process as well as the increased demand in the international energy markets for high quality steel pipes and
- the constant pursuit for increased productivity and more efficient use of the company' s production units
Net debt (Debt -Cash) of Corinth Pipeworks amounted to 120.5 mil. euro, while Shareholders Equity was further enhanced and reached 122.3 mil. euro for the group and 120.3 mil euro for the company.
Having being established as one of the most important suppliers of the energy industry and taking advantage of the increased construction activity for energy-related infrastructure, Corinth Pipeworks intensifies its efforts to further improve its competitive position in the international markets.
The 9M 2007 Interim Financial Statements are published in the Newspaper ''NAFTEMPORIKI'' on the November 6th, 2007 issue.