3Q 2008 Group results: sales grew 5.6%, gross profits 12.5%, while net earnings decreased by 10%, despite the general unfavorable economic conditions. Demand for Group products remained sound in international markets for the current period.
"ALUMIL MILONAS - ALUMINIUM EXTRUSION INDUSTRY S.A. - administration announces growth in sales and gross profitability for the third quarter of 2008, net earnings increased despite the unfavorable condition due to the financial credit crisis.
In particular, Group presented increase in sales by 5.6%, reaching euro 220 m., compared to euro 208 m. in 3Q '07. Architectural and industrial profiles were the main drivers for that growth, mainly in international markets; consolidated turnover grew also from automation systems, solar protection systems and polycarbonate sheets.
Gross profits grew by approximately 12.5%, reaching euro 55.1 m., compared to euro 49 m. in 3Q '07, while adjusted EBITDA (excluding grants' depreciation), marginally reduced by 0.8%, reached euro 32.3 m., compared to euro 32.6 m. for 3Q '07. Earnings before taxes decreased by 12.7%, reached euro 13.5 m., compared to 3Q '07 (euro 15.5 m.). Group net earnings (after taxes and minorities) increased by 10%, surpassing euro 9.3 m., compared to 3Q '07 (euro 8.4 m.). Consequently, earnings per share reached euro 0.4243 (euro 0.3851 for 3Q '07).
Results are viewed as satisfactory, given the particularly unfavorable economic conditions due to the credit crisis which has significantly affected the construction sector in Greece and abroad. The prospects for the remaining of 2008 and 2009 appear equally negative. The Company's Administration estimates that these conditions are bound to affect the Groups financials in the future. Therefore, alternative scenarios are thoroughly examined, in order for the Group to cope with the crisis and secure its smooth course within the new turbulent economic environment as it is shaping.
Regarding parent company financials, 3Q '08 turnover decreased by almost 6.7%, to euro 162.7 m., compared to euro 174.4 in 3Q '07. EBITDA (excluding grants' depreciation), decreased by 16.4% to euro 12.2 m., compared to 3Q '07 (euro 14,6 m. approximately). Earnings before taxes decreased by 47.2%, to euro 3.8 m., compared to 3Q '07 (euro 7.2m) and net earnings after taxes decreased by 17%, to euro 4.4 m., compared to 3Q '07 (euro 5.3 m).
Data and Information of the Financial Statements are published on Thursday, November 27th, 2008, in the Hellenic financial newspaper "KERDOS". Aforementioned data are also available in the Alumil web site, www.alumil.com, along with the complete Financial Statements' report and the corresponding announcements.
ALUMIL is ranked among the largest aluminium extrusion and profiles production private European groups (No 1 in Greece since 2000) establishing production sites, large sales networks and warehouses for products targeting architectural & industrial use, shipbuilding, transportation, etc. With 26 subsidiaries, 20 of which are spread throughout Europe, Africa and the Middle East, ALUMIL provides production sites in four Hellenic industrial areas, Romania, Bulgaria, Serbia, Bosnia and Albania. ALUMIL has successfully infiltrated into 45 markets in Europe, the Balkans, the M. East and in the U.S.A. A significant competitive advantage remains its widespread sales network in Greece and in every client-country. Parent company was founded in 1988 and since 1998 is listed in the Athens Stock Exchange. Included eight times in GrowthPlus' Europe's 500 for its contribution to the European economy, ALUMIL Group sales surpassed euro 287 m. in 2007, while EBITDA reached euro 43 m.