ELVALHALCOR HELLENIC COPPER AND ALUMINIUM INDUSTRY S.A.
HALCOR presentation to the Association of Greek Institutional Investors (A.G.I.I).
Today, as of Monday, April 7, 2008, within the framework of the regular annual briefing of HALCOR to the ASSOCIATION OF GREEK INSTITUTIONAL INVESTORS, the Company's FY 2007 financial results were presented, along with its progress taking into account the current market conditions, as well as its prospects for the following years.
The presentation took place in the head office of the ASSOCIATION OF GREEK INSTITUTIONAL INVESTORS and HALCOR was represented by its General Manager Mr. Menelaos Tasopoulos and by its Group CFO Mr. Spyros Kokkolis.
Company's representatives emphasized on the fact that HALCOR achieved a 10% increase in volume of sales over 2006 as well as an about 8% increase in the weighted fabrication prices despite very high copper prices that prevailed during most part of the year, a fact which intensified substitution mainly with products used in installation.
More specifically, regarding 2007 financial results, consolidated turnover increased by 9.9% to euro 1,369.6 mln versus euro 1,246.6 mln in 2006. Exports, the main growth driver of Halcor group, represent 78% of the group's consolidated turnover. In profitability point of view, consolidated earnings before interest, tax, depreciation and amortization (EBITDA) reached euro 86.4 mln. decreased by 9.3% from euro 95.3 in FY 2006, while net earnings after taxes and minorities amounted euro 20.0 mln. versus euro 36.0 mln. in FY 2006. Please note that profitability of the group during FY 2007 was based on purely recurring results. While during the better part of the year metal prices maintained at very high levels, during the last few months they dropped significantly so that the company instead of having extraordinary profits from the appreciation of the metal like in 2006, it devaluated its inventories affecting Q4 financial results.
During the presentation, reference was made to the HALCOR Group structure and its dynamic production base, consisting of eight main industrial complexes at Inofita (Foundry, Tube, Brass Bars and Tubes plants), in Athens (Titanium Zinc Rolling Plant), in Thiva and Levadia (HELLENIC CABLES SA), in Sofia, Bulgaria (SOFIA MED SA) and in Bucharest, Romania (ICME ECAB SA). Furthermore, the Group's products as well as the extensive sales network in Greece and abroad were described.
Additionally, the Group's investment plan for the following years was presented. HALCOR's capex in 2007 reached a total of euro 35 mln. Investments are oriented to the production of diversified high added value products, while its aim is the continuation of the investment plan in 2008 as well with investments of about euro 35 mil. The acquisition of the 50.1% of the Turkish company Sega Bakir S.A. is going to be completed soon, an investment that will set the grounds for the expansion of the group's operations in the Near and Far Eastern area.
At the closing of the presentation, the prospects for the current fiscal year were presented and it was mentioned that in view of the current market conditions, especially with the increasing raw material prices, the Group aims at increasing volume of sales by enhancing its presence in the markets it is active in as well as by expanding in new fast growing markets.
Note: The presentation has been posted to the company's website: www.halcor.gr and to the Athens Stock Exchange website: www.ase.gr
The presentation took place in the head office of the ASSOCIATION OF GREEK INSTITUTIONAL INVESTORS and HALCOR was represented by its General Manager Mr. Menelaos Tasopoulos and by its Group CFO Mr. Spyros Kokkolis.
Company's representatives emphasized on the fact that HALCOR achieved a 10% increase in volume of sales over 2006 as well as an about 8% increase in the weighted fabrication prices despite very high copper prices that prevailed during most part of the year, a fact which intensified substitution mainly with products used in installation.
More specifically, regarding 2007 financial results, consolidated turnover increased by 9.9% to euro 1,369.6 mln versus euro 1,246.6 mln in 2006. Exports, the main growth driver of Halcor group, represent 78% of the group's consolidated turnover. In profitability point of view, consolidated earnings before interest, tax, depreciation and amortization (EBITDA) reached euro 86.4 mln. decreased by 9.3% from euro 95.3 in FY 2006, while net earnings after taxes and minorities amounted euro 20.0 mln. versus euro 36.0 mln. in FY 2006. Please note that profitability of the group during FY 2007 was based on purely recurring results. While during the better part of the year metal prices maintained at very high levels, during the last few months they dropped significantly so that the company instead of having extraordinary profits from the appreciation of the metal like in 2006, it devaluated its inventories affecting Q4 financial results.
During the presentation, reference was made to the HALCOR Group structure and its dynamic production base, consisting of eight main industrial complexes at Inofita (Foundry, Tube, Brass Bars and Tubes plants), in Athens (Titanium Zinc Rolling Plant), in Thiva and Levadia (HELLENIC CABLES SA), in Sofia, Bulgaria (SOFIA MED SA) and in Bucharest, Romania (ICME ECAB SA). Furthermore, the Group's products as well as the extensive sales network in Greece and abroad were described.
Additionally, the Group's investment plan for the following years was presented. HALCOR's capex in 2007 reached a total of euro 35 mln. Investments are oriented to the production of diversified high added value products, while its aim is the continuation of the investment plan in 2008 as well with investments of about euro 35 mil. The acquisition of the 50.1% of the Turkish company Sega Bakir S.A. is going to be completed soon, an investment that will set the grounds for the expansion of the group's operations in the Near and Far Eastern area.
At the closing of the presentation, the prospects for the current fiscal year were presented and it was mentioned that in view of the current market conditions, especially with the increasing raw material prices, the Group aims at increasing volume of sales by enhancing its presence in the markets it is active in as well as by expanding in new fast growing markets.
Note: The presentation has been posted to the company's website: www.halcor.gr and to the Athens Stock Exchange website: www.ase.gr