CORINTH PIPEWORKS S.A. consolidated turnover in 1H 2009 marked a 42.5% increase and stood at euro 195.2 mil versus euro 137 mil in 1H 2008. ΕΒΙΤDΑ marked a 14.7% increase and amounted to euro 19.6 mil versus euro 17.1 mil, last year, while EBITDA margin was 10%. Consolidated earnings before tax marked a 51.4% growth and amounted to euro 13.1 mil, versus euro 8.7 mil, in the respective period of 2008. Finally, earnings after tax and minority rights marked a significant increase (75.6%) and stood at euro 12.6 mil. (euro 0.101 per share) versus euro 7.2 mil. (euro 0.058 per share) in 1H 2008.
Net debt (Debt - Cash) on a consolidated level, returned to 31/12/2008 levels, i.e. euro 57.9 mil and is mainly attributed to the efficient working capital management, in the framework of the existing backlog of orders, as well as the decrease of the Group's capital expenditure. Group Shareholders' Equity amounted to euro 138.9 mil . It is worth noting, that the profit stream of the last four years has allowed offsetting the cumulative losses of previous years (euro 84.4 mil. as of 31/12/2005) and currently, profit carried forward amounts euro to 7.5 mil .
Sales increase versus 1H 2008 is mainly attributed to the sales volume growth of the energy sector, as well as to higher prices locked at the time when orders were placed, being the result of soaring steel prices. Besides the boost in sales volume, lower material prices and freight costs, as well as lower financial costs (due to the decrease of debt and lower interest rates ) resulted in much higher profitability.
1H 2009, amid the global financial crisis, has been an exceptionally rough period, marked by unprecedented characteristics on the one hand and significant opportunities, on the other. The sharp fall of raw material prices and freight costs, has formed an environment where CORINTH PIPEWORKS managed to take advantage and ultimately smooth the impact of the global financial crisis. However, the global credit crunch, in conjunction with the decrease of the demand for energy, has inevitably delayed some projects, in several parts of the world. Moreover, the prevailing conditions of protectionism in several countries hinder international trade and inevitably, the competitive position of exporting companies. CORINTH PIPEWORKS, having substantially improved its operations' efficiency, with a wide product range and a solid capital structure, moves forward with the objective of keeping its competitive edge and benefiting from potential opportunities that may arise, amid the unpredictable conditions shaping today's global energy market.
The Data and Information of the period 1.1.2009 - 30.06.2009 will be published at the August 28, 2009 edition of the newspaper "NAYTEMPORIKI" and together with the Semi-annual Financial Report will be uploaded on the company's website, www.cpw.gr as well as on the ATHEX website www.athex.gr.