ΣΙΔΕΝΟΡ ΕΤΑΙΡΙΑ ΣΥΜΜΕΤΟΧΩΝ ΑΝΩΝΥΜΗ ΕΤΑΙΡΙΑ
Announcement Financial of the nine month period of 2009
SIDENOR Group turnover in the nine month period of 2009 amounted to 747.9 mil. euro versus 1,312.8 mil. euro in the nine month period of 2008 posting a 43% decrease. The ongoing global recession and its adverse effects remained unchanged in the 3rd quarter of the fiscal year as well, constraining volumes, prices and profitability versus last year. Consolidated results before taxes stood at losses of 47.8 mil. euro over profits of 142.5 mil. euro in the nine month period of 2008. Consolidated EBITDA posted a significant decrease and amounted to profits of 13.1 mil. euro. Finally, net consolidated results after taxes and minority rights amounted to losses of 42 mil. euro (or losses of 0.437 euro per share) over profits of 96.3 mil. euro (or 1.002 euro per share) in the nine month period of 2008.
As compared to the 2nd quarter of 2009, group turnover of 3rd quarter eased to 206 mil. euro (20% decrease) by contrast, the 3rd quarter's pretax consolidated results have improved significantly, amounting to loses of 4.3 mil. euro over losses of 30 mil. euro in the 2nd quarter of 2009. Consolidated EBITDA in the 3rd quarter of 2009 posted substantial turnaround and stood at profits of 13.8 mil. euro over losses of 9.7 mil. euro in the 2nd quarter, while net results after taxes and minority rights amounted to losses of 3.8 mil. euro over losses of 26.8 mil. euro in the previous quarter. The steel pipes' segment had a significant positive contribution at the Group, through subsidiary CORINTH PIPEWORKS, which while intensifying the efforts to further improve its operating cost basis, benefited from the positive momentum of the raw materials prices and freight costs.
SIDENOR Group continues the implementation of a series of structural actions aiming at constraining cost, constantly improving the production process, adjusting the product mix to the market's emerging requirements and strengthening of liquidity. All the above led to a 15% decline in net debt from 497 mil. euro in 31/12/2008, to 424 mil. euro in 30/09/2009 and a major liquidity boost, as operating cash flow amounted to 106 mil. euro in the nine month period of 2009.
The Group continues to focus on coping the best possible way with the unprecedented adverse and volatile conditions in the global steel sector, in view of the revitalization of real demand globally and the recovery of private housing and of investments in major structural and infrastructure projects, in Greece and abroad.
The Data and Information of the period 1.1.2009 ? 30.09.2009 will be published on the November 27th, 2009 edition of the newspaper ''KATHIMERINI'' and together with the Interim Financial Statements for the same period they will be posted on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr.
As compared to the 2nd quarter of 2009, group turnover of 3rd quarter eased to 206 mil. euro (20% decrease) by contrast, the 3rd quarter's pretax consolidated results have improved significantly, amounting to loses of 4.3 mil. euro over losses of 30 mil. euro in the 2nd quarter of 2009. Consolidated EBITDA in the 3rd quarter of 2009 posted substantial turnaround and stood at profits of 13.8 mil. euro over losses of 9.7 mil. euro in the 2nd quarter, while net results after taxes and minority rights amounted to losses of 3.8 mil. euro over losses of 26.8 mil. euro in the previous quarter. The steel pipes' segment had a significant positive contribution at the Group, through subsidiary CORINTH PIPEWORKS, which while intensifying the efforts to further improve its operating cost basis, benefited from the positive momentum of the raw materials prices and freight costs.
SIDENOR Group continues the implementation of a series of structural actions aiming at constraining cost, constantly improving the production process, adjusting the product mix to the market's emerging requirements and strengthening of liquidity. All the above led to a 15% decline in net debt from 497 mil. euro in 31/12/2008, to 424 mil. euro in 30/09/2009 and a major liquidity boost, as operating cash flow amounted to 106 mil. euro in the nine month period of 2009.
The Group continues to focus on coping the best possible way with the unprecedented adverse and volatile conditions in the global steel sector, in view of the revitalization of real demand globally and the recovery of private housing and of investments in major structural and infrastructure projects, in Greece and abroad.
The Data and Information of the period 1.1.2009 ? 30.09.2009 will be published on the November 27th, 2009 edition of the newspaper ''KATHIMERINI'' and together with the Interim Financial Statements for the same period they will be posted on the company's website, www.sidenor.gr, as well as on the ATHEX website www.athex.gr.