VIOHALCO's consolidated turnover for the first quarter of 2009, amounting to Euro 595,5 mil., decreased by 35%, compared with the corresponding period of 2008. Consolidated profit before taxes, financing, investing results and depreciation ("EBITDA") amounted to euro 33,1 mil., decreasing by 61%.
Consolidated results before taxes and minority rights showed losses amounting to euro 17 mil., compared with the results of the first quarter of 2008 amounting to euro 30 mil. profits. Finally, consolidated results after taxes and minority rights amounted to euro 10,7 mill loss, (or euro -0,0859 per share), in comparison with euro 17,1 mil. profit for 2008 (or euro 0,1513 per share). On the contrary, consolidated operating cash flow increased significantly amounting to euro 112,3 mil., compared with negative cash flow of euro -54,6 mil. for the first quarter of 2008.
VIOHALCO's net debt further decreased by euro 88,7 mil. or 7,96% during the first quarter of 2009and reached euro 1,025 mil, as a result of the decrease of metals' prices and the decrease of inventories, following the continuous efforts of the Group's companies to improve their working capital management.
The Group's results were unfavourably affected by the continuing international financial crisis, which has a negative effect on sales volumes and products' selling prices.
Regarding the company VIOHALCO S.A., profit before taxes for the first quarter of 2009 amounted to euro 2,1 mil. against euro 1,8 mil. of the corresponding period of 2008. Net profit after taxes amounted to euro 1,5 mil. (or euro 0,0077 per share), compared to euro 1,3 mil. for the first quarter of 2008 (or euro 0,0069 per share).