ELVALHALCOR HELLENIC COPPER AND ALUMINIUM INDUSTRY S.A.
Announcement of companies' consolidated financial results for the nine-month period of 2007 according to the IFRS.
Consolidated turnover for the nine month period of 2007 was ευρώ 1,032.4 mil. versus ευρώ 907.7 mil. in the respective period last year, an increase of 13.7%. The rise in turnover is attributed to an increase of sales of about 9% by volume, as well as to higher fabrication prices and improved product mix towards higher added value products. For the nine-month period of 2007, average copper price in Euro terms stood unchanged with respect to the corresponding period of last year.
Breakdown of sales with respect to volume for the period was as follows: cable products 35% of total sales, tubes 29%, rolled products 20%, brass rods 9% and copper bus bars 7%.
Consolidated gross profit for the period was ευρώ 83.6 mil. versus ευρώ 88.5 last year, a decrease of 5.6%. Gross profit for the same period last year was somewhat higher because of non-recurring earnings realized at the time due to the extraordinary increase of the average copper price. On the contrary, during 2007 the Group managed to offset most of these gains by significantly improving its operational results.
Consolidated selling and administrative expenses for the nine month period of 2007 at ευρώ 30.4 mil. versus ευρώ 33.5 mil. last year, decreased by 9.1% because of synergies among the companies of the Group, especially after the merger with Fitco.
Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) amounted to ευρώ 70.9 mil. versus ευρώ 72.1 in 2006 decreased by 1.7%, while earnings before interest and tax (EBIT) reached ευρώ 53.2 mil. decreased by 4%.
Consolidated earnings before tax (EBT) amounted to ευρώ 32.6 mil. versus ευρώ 40.2 mil in the nine-month period of 2006 decreased by 18.8%. Consolidated financial expenses for the period increased due to the high working capital needs, as well as to higher interest rates. Finally, earnings after taxes and minorities reached in the nine-month period of 2007 ευρώ 21.5 mil. (ευρώ 0.212 per share) versus ευρώ 29.9 mil. (ευρώ 0.304 per share) decreased by 28%.
During the current period metal prices are showing a decreasing trend that, should it continue, is expected to have positive impact not only in the demand for copper products but also to the cash flow and debt of the Group.
The 9M 2007 Data and Information and the Interim Financial Statements is being published on Thursday, November 15, 2007 in the daily press and have been posted on the company's website, in the address www.halcor.gr
Breakdown of sales with respect to volume for the period was as follows: cable products 35% of total sales, tubes 29%, rolled products 20%, brass rods 9% and copper bus bars 7%.
Consolidated gross profit for the period was ευρώ 83.6 mil. versus ευρώ 88.5 last year, a decrease of 5.6%. Gross profit for the same period last year was somewhat higher because of non-recurring earnings realized at the time due to the extraordinary increase of the average copper price. On the contrary, during 2007 the Group managed to offset most of these gains by significantly improving its operational results.
Consolidated selling and administrative expenses for the nine month period of 2007 at ευρώ 30.4 mil. versus ευρώ 33.5 mil. last year, decreased by 9.1% because of synergies among the companies of the Group, especially after the merger with Fitco.
Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) amounted to ευρώ 70.9 mil. versus ευρώ 72.1 in 2006 decreased by 1.7%, while earnings before interest and tax (EBIT) reached ευρώ 53.2 mil. decreased by 4%.
Consolidated earnings before tax (EBT) amounted to ευρώ 32.6 mil. versus ευρώ 40.2 mil in the nine-month period of 2006 decreased by 18.8%. Consolidated financial expenses for the period increased due to the high working capital needs, as well as to higher interest rates. Finally, earnings after taxes and minorities reached in the nine-month period of 2007 ευρώ 21.5 mil. (ευρώ 0.212 per share) versus ευρώ 29.9 mil. (ευρώ 0.304 per share) decreased by 28%.
During the current period metal prices are showing a decreasing trend that, should it continue, is expected to have positive impact not only in the demand for copper products but also to the cash flow and debt of the Group.
The 9M 2007 Data and Information and the Interim Financial Statements is being published on Thursday, November 15, 2007 in the daily press and have been posted on the company's website, in the address www.halcor.gr