ΣΩΛΗΝΟΥΡΓΕΙΑ ΚΟΡΙΝΘΟΥ ΕΤ. ΣΥΜ.
CORINTH PIPEWORKS presentation at the association of Greek Institutional Investors
CORINTH PIPEWORKS SA presented on Wednesday May 13, 2009, the Group?s activities, the Company?s as well as the Group?s annual financial results and the prospects for the current fiscal year to analysts in the Association of Greek Institutional Investors.
CORINTH PIPEWORKS SA was represented by Mr. Christoforos Catsambas, General Manager and Mr. Georgios Rouselis, Investor Relations Officer.
The presentation focused on CORINTH PIPEWORKS? core business and its performance,,. following the completion of the 4-year reorganization plan and the gradual incorporation of the new investments to the Group?s production operations, facts. that have contributed to its positioning as one of the most significant suppliers of steel pipes and hollow sections worldwide.
The decrease of 2008 operating earnings is attributed on the one hand to the Euro appreciation versus the US Dollar during the first half of 2008, reaching 10-year highest levels, in a period when the Company was awarded several large projects in the US and Middle East, and on the other hand to the lower utilization rates of the ERW/HFI plant, during the same period, due to delays of launching of some large projects in the Middle East. Moreover, the Group's standard policy for fixing raw material prices, as well as a substantial part of the freight cost, when undertaking a contact, did not allow profiting from the severe correction, both in the steel markets, as well as the sea freight market, in the second half of 2008.
Regarding the Russian joint venture ?ZAO TMK-CPW?, where CORINTH PIPEWORKS holds a 49% stake through its Cypriot subsidiary Humbel Ltd., during its first actual year of operations, the joint venture was awarded some significant (for its size) orders and recorded annual net profits of 4.9 mil. Euro.
2008, marked the completion of a four-year cycle of favorable conditions in the international markets and especially in the energy market. The main features of the international business environment as it appears in the beginning of 2009 are the deterioration of the macroeconomic indicators and the increasing protectionism in international trade, which is expected to intensify if there is no positive change in the current financial conditions. In such market environment, CORINTH PIPEWORKS has set as strategic goals for 2009 to expand further its product and services range, while maintaining the current financial structure, as well as enhance its market share into the European, N. African and Middle East markets.
CORINTH PIPEWORKS SA was represented by Mr. Christoforos Catsambas, General Manager and Mr. Georgios Rouselis, Investor Relations Officer.
The presentation focused on CORINTH PIPEWORKS? core business and its performance,,. following the completion of the 4-year reorganization plan and the gradual incorporation of the new investments to the Group?s production operations, facts. that have contributed to its positioning as one of the most significant suppliers of steel pipes and hollow sections worldwide.
The decrease of 2008 operating earnings is attributed on the one hand to the Euro appreciation versus the US Dollar during the first half of 2008, reaching 10-year highest levels, in a period when the Company was awarded several large projects in the US and Middle East, and on the other hand to the lower utilization rates of the ERW/HFI plant, during the same period, due to delays of launching of some large projects in the Middle East. Moreover, the Group's standard policy for fixing raw material prices, as well as a substantial part of the freight cost, when undertaking a contact, did not allow profiting from the severe correction, both in the steel markets, as well as the sea freight market, in the second half of 2008.
Regarding the Russian joint venture ?ZAO TMK-CPW?, where CORINTH PIPEWORKS holds a 49% stake through its Cypriot subsidiary Humbel Ltd., during its first actual year of operations, the joint venture was awarded some significant (for its size) orders and recorded annual net profits of 4.9 mil. Euro.
2008, marked the completion of a four-year cycle of favorable conditions in the international markets and especially in the energy market. The main features of the international business environment as it appears in the beginning of 2009 are the deterioration of the macroeconomic indicators and the increasing protectionism in international trade, which is expected to intensify if there is no positive change in the current financial conditions. In such market environment, CORINTH PIPEWORKS has set as strategic goals for 2009 to expand further its product and services range, while maintaining the current financial structure, as well as enhance its market share into the European, N. African and Middle East markets.