SIDENOR's Annual General Meeting was held today, Tuesday June, 16th 2009 at the ATHENS IMPERIAL HOTEL in Athens. The Company's management presented before the shareholders the FY 2008 financial results, the company's strategy, as well as the goals and the prospects.
In 2008, the global financial crisis and its consequences have adversely affected SIDENOR Group's activity and results. Especially at the end of 2008, the Group results have been adversely affected by the unexpected negative financial environment, which also affected all industry peers and most sectors of the world economy, via the sluggish construction activity due to the cutbacks of investments in the construction sector and the dropping metal prices globally.
The impact from the global economic recession and the financial crisis, has significantly affected results for the first quarter of 2009 of the SIDENOR Group with the consolidated turnover of the first quarter of 2009 amounting to 284 mil. Euro against 386 mil. Euro in the respective quarter of 2008. Consolidated profit before taxes, reached losses of 13.5 mil. Euro against profits of 33.2 mil. Euro in the respective first quarter of 2008. Group EBITDA amounted to 9.1 mil. Euro against 52.8 mil. Euro in the first quarter of 2008. Finally, net consolidated results after taxes and minority rights, reached losses of 11.4 mil. Euro (or losses of 0.12 Euro per share) against profits of 24.8 mil. Euro (or 0.26 Euro per share) in the first quarter of 2008.
In these adverse conditions SIDENOR Group?s strategic objectives are to strengthen its capital structure, streamline its inventory along with its working capital and continually improve the Group?s cash flow. The significant decrease of the Group?s liabilities and net bank debt are actions towards these goals.