ΣΙΔΕΝΟΡ ΕΤΑΙΡΙΑ ΣΥΜΜΕΤΟΧΩΝ ΑΝΩΝΥΜΗ ΕΤΑΙΡΙΑ
Announcement first half 2009 financial results
SIDENOR Group's turnover in the 1st half of 2009, declined by 37% and stood at 542 mil. Euro against 858 mil. Euro in the 1st half of 2008. This drop is attributed both to the decrease of demand and of sales prices. Consolidated results before taxes amounted to losses of 43.5 mil. Euro against profits of 123.9 mil. Euro in the 1st half of 2008. Accordingly, consolidated EBITDA amounted to losses of 0.6 mil. Euro against profits of 164.8 mil. Euro in the respective 1st half of 2008. Finally, net consolidated results after taxes and minority rights amounted to losses of 38.2 mil. Euro (or losses of 0.397 Euro per share) against profits of 77.8 mil. Euro (or 0.809 Euro per share) in the 1st half of 2008.
During the 2nd quarter of 2009, the adverse environment and the negative impact of the global recession persisted, as is evident by the results of nearly all companies of the metal industry globally and especially of the Southeastern Mediterranean region, their main characteristics being the sluggish activity and the reduction of profitability. SIDENOR Group?s long and flat product segments were affected by the negative momentum and the slowdown of construction activity in the European markets, while on the contrary, the steel pipes segment, via subsidiary CORINTH PIPEWORKS, was favored by the decrease in basic raw materials prices and freight costs and had therefore a counterbalancing effect on SIDENOR Group's results.
Liquidity reinforcement, constrain of expenses and operating costs, further decrease of bank debt and restrain of investments are some of the measures applied by the Group, with the objective of enhancing its cash flow. An indicative result of the aforementioned has been the significant decrease of net debt in the 1st half of 2009, which now stands at 429 mil. Euro over 497 mil. in the end of 2008.
The revitalization of real demand globally and the loosening of the restrictions and of the tight policies inflicted by the financial institutions are expected to boost investments and therefore present an opportunity for recovery of the metal industry.
The Data and Information of the period 1.1.2009 - 30.06.2009 will be published at the August 29, 2009 edition of the newspaper 'KATHIMERINI' and together with the Semi-annual Financial Report will be uploaded on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr.
During the 2nd quarter of 2009, the adverse environment and the negative impact of the global recession persisted, as is evident by the results of nearly all companies of the metal industry globally and especially of the Southeastern Mediterranean region, their main characteristics being the sluggish activity and the reduction of profitability. SIDENOR Group?s long and flat product segments were affected by the negative momentum and the slowdown of construction activity in the European markets, while on the contrary, the steel pipes segment, via subsidiary CORINTH PIPEWORKS, was favored by the decrease in basic raw materials prices and freight costs and had therefore a counterbalancing effect on SIDENOR Group's results.
Liquidity reinforcement, constrain of expenses and operating costs, further decrease of bank debt and restrain of investments are some of the measures applied by the Group, with the objective of enhancing its cash flow. An indicative result of the aforementioned has been the significant decrease of net debt in the 1st half of 2009, which now stands at 429 mil. Euro over 497 mil. in the end of 2008.
The revitalization of real demand globally and the loosening of the restrictions and of the tight policies inflicted by the financial institutions are expected to boost investments and therefore present an opportunity for recovery of the metal industry.
The Data and Information of the period 1.1.2009 - 30.06.2009 will be published at the August 29, 2009 edition of the newspaper 'KATHIMERINI' and together with the Semi-annual Financial Report will be uploaded on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr.