ΒΙΟΧΑΛΚΟ Ε.Β. ΧΑΛΚΟΥ ΚΑΙ ΑΛΟΥΜΙΝΙΟΥ Α.Ε.
Results for the Fiscal Year 2008
The consolidated turnover of "VIOHALCO" for the fiscal year 2008, increased by 2%, amounting to euro 3.764 mil., compared with euro 3.683 for the year 2007. The profits before taxes, financing, investing results and depreciation ("EBITDA") amounted to euro 182,5 mil., compared with euro 394 mil. for 2007, decreasing by 53%. The consolidated results before taxes for the year 2008 decreased significantly showing losses amounting to euro 34,6 mil., compared with the results of 2007 amounting to euro 210 mil. profit. Finally the net consolidated results after taxes and minority rights amounted to euro 11,3 mil. loss, (or euro -0,057 per share), in comparison with euro 83,9 mil. profit for 2007 (or euro 0,423 per share).
The Group's results were negatively affected by the international financial crisis, which, during the last three months of 2008, has narrowed down significantly the gross margins and dropped dramatically the metal prices. As a result the companies proceeded to an once and for all devaluation of their inventories, amounting in total to euro 157,2 mil., which was carried into the results for the year 2008.
It is also important to be noted that the Group's net liabilities from loans decreased significantly, during the last three months of 2008, by euro 321 mil. amounting to euro 1.114 mil., as a result of the decrease in metals prices, during the same period, being also due to the continuous efforts of the Group's companies to achieve the highest efficiency in the working capital management.
Regarding the company VIOHALCO, S.A. the net profits before taxes for the year 2008 amounted to euro 33,2 mil. compared to euro 73,1 mil. for 2007. Finally the net profits after taxes amounted to euro 32,1 mil. (or euro 0,161 per share, compared to euro 71,5 for 2007 (or euro 0,358 per share). The Company's Board of Directors will propose to the Annual General Meeting of the Shareholders to pass a resolution for the distribution of dividend amounting to euro 0,06 per share.
The "VIOHALCO" companies adapting themselves to the new conditions, resulting from the international financial crisis, have as main goals the effective management of working capital, the decrease of the liabilities from loans, the decrease of the production cost and the development of the production of high value added goods, based on their investments, already materialized or still developing.
The Group's results were negatively affected by the international financial crisis, which, during the last three months of 2008, has narrowed down significantly the gross margins and dropped dramatically the metal prices. As a result the companies proceeded to an once and for all devaluation of their inventories, amounting in total to euro 157,2 mil., which was carried into the results for the year 2008.
It is also important to be noted that the Group's net liabilities from loans decreased significantly, during the last three months of 2008, by euro 321 mil. amounting to euro 1.114 mil., as a result of the decrease in metals prices, during the same period, being also due to the continuous efforts of the Group's companies to achieve the highest efficiency in the working capital management.
Regarding the company VIOHALCO, S.A. the net profits before taxes for the year 2008 amounted to euro 33,2 mil. compared to euro 73,1 mil. for 2007. Finally the net profits after taxes amounted to euro 32,1 mil. (or euro 0,161 per share, compared to euro 71,5 for 2007 (or euro 0,358 per share). The Company's Board of Directors will propose to the Annual General Meeting of the Shareholders to pass a resolution for the distribution of dividend amounting to euro 0,06 per share.
The "VIOHALCO" companies adapting themselves to the new conditions, resulting from the international financial crisis, have as main goals the effective management of working capital, the decrease of the liabilities from loans, the decrease of the production cost and the development of the production of high value added goods, based on their investments, already materialized or still developing.