ΣΩΛΗΝΟΥΡΓΕΙΑ ΚΟΡΙΝΘΟΥ ΕΤ. ΣΥΜ.
Announcement nine - month 2009 financial results
CORINTH PIPEWORKS S.A. consolidated turnover in the nine-month period ended September 30, 2009 (9M 2009) reached euro 247.2 mil marginally higher to the euro 245.7 in the respective period in 2008. Group's Gross Profit marked a 39.9% increase and amounted to euro 64.2 mil. for 9M 2009 over euro 45.9 mil. for 9M 2008. ΕΒΙΤDΑ amounted to euro 30.1 mil versus euro 23.9 mil in 2008, posting a 26.2% increase, while EBITDA margin formed at 12.2% of the consolidated turnover. Consolidated profit before tax amounted to euro 20.9 mil, versus euro 12.1 mil, in 9M 2008, marking a 72.7% growth. Finally, Group's earnings after tax and minority rights marked a significant 82.8% increase and stood at euro 20.1 mil. (or euro 0.1619 per share) versus ?11.0 mil. (or ?0.0886 per share) in 9M 2008.
Net debt (Debt - Cash) on a consolidated level amounted to euro 66.3 mil. on 30/09/09 over euro 57.2 mil. on 31/12/08 (an increase of 15.9%), while the Group Shareholders' Equity reached ?148.3 mil. (euro 124.7 mil in 31/12/08). Consequently the Equity/Total Assets ratio stood at 54% versus 31.5% at 2008 year end, proof of group's solid capital structure, amid the adverse economic conditions.
The sustained sales turnover and the substantial growth of profitability were achieved during a turbulent period both in raw materials' and in foreign exchange market. CORINTH PIPEWORKS continued to exploit the opportunities arising in the steel, energy and freights market, while it intensified the efforts to further improve its operating cost basis.
The global financial crisis has significantly affected all markets that the group operates, an evolution that lead to the postponement or even cancellation, in some cases, of large scale energy projects. All the above, in conjunction with the protectionism prevailing in several markets and the significant depreciation of the US Dollar versus the Euro, have formed a complex business environment, in which CORINTH PIPEWORKS has to reconsider its strategy, improve its flexibility and shift into such markets where its extensive knowhow, its broad product range, as well as the geographic proximity will protect its competitive edge. This year, all efforts of the management and its employees are focused on this target, so as to smoothen the consequences of the global economic crisis and to position the company in order to take advantage when its core markets rebound.
The Data and Information of the period 1.1.2009 - 30.09.2009 will be published at the November 25, 2009 edition of the newspaper ''NAFTEMPORIKI'' and together with the interim financial statements will be uploaded on the company's website, www.cpw.gr , as well as on the ATHEX website www.athex.gr.
Net debt (Debt - Cash) on a consolidated level amounted to euro 66.3 mil. on 30/09/09 over euro 57.2 mil. on 31/12/08 (an increase of 15.9%), while the Group Shareholders' Equity reached ?148.3 mil. (euro 124.7 mil in 31/12/08). Consequently the Equity/Total Assets ratio stood at 54% versus 31.5% at 2008 year end, proof of group's solid capital structure, amid the adverse economic conditions.
The sustained sales turnover and the substantial growth of profitability were achieved during a turbulent period both in raw materials' and in foreign exchange market. CORINTH PIPEWORKS continued to exploit the opportunities arising in the steel, energy and freights market, while it intensified the efforts to further improve its operating cost basis.
The global financial crisis has significantly affected all markets that the group operates, an evolution that lead to the postponement or even cancellation, in some cases, of large scale energy projects. All the above, in conjunction with the protectionism prevailing in several markets and the significant depreciation of the US Dollar versus the Euro, have formed a complex business environment, in which CORINTH PIPEWORKS has to reconsider its strategy, improve its flexibility and shift into such markets where its extensive knowhow, its broad product range, as well as the geographic proximity will protect its competitive edge. This year, all efforts of the management and its employees are focused on this target, so as to smoothen the consequences of the global economic crisis and to position the company in order to take advantage when its core markets rebound.
The Data and Information of the period 1.1.2009 - 30.09.2009 will be published at the November 25, 2009 edition of the newspaper ''NAFTEMPORIKI'' and together with the interim financial statements will be uploaded on the company's website, www.cpw.gr , as well as on the ATHEX website www.athex.gr.