ALUMIL ALUMINIUM INDUSTRY S.A.
2009 Financial Results for the Company and Group
2009 financials: Sales reduction for the Group by 26.4% exceeding € 209 m., decrease in gross profit by 31.9%.
In detail, the Group presented a reduction in sales by 26.4%, exceeding € 209 m., compared to 285.1 m. in 2008; Gross profits reached € 47.4 mil. from € 69.6 mil. in 2008, decreased by 31.9%; EBITDA declined by 54.4%, reaching € 16.9 m., compared to € 37 m., in 2008 and losses before taxes reached € 8.7 m., compared to € 8.7 m. earnings, in 2008.
Operational cash flows produced a surplus of € 21.4 m. Net debt reached € 163.5 m., presenting an decrease compared to 2008 (€ 174.9 m.). Parent company financials reported sales reduction by 28.9%, reaching approximately € 145 m., compared to € 204.1 m. in 2008. EBITDA reached minus € 1 m., compared to 2008 (€ 12.4 m.). Losses before taxes reached € 10.2 m., compared to 2008 (€ 2.2 m.earnings)
The significant reduction in sales is the result of the reduction in selling prices for the Group's products due to significant fluctuation in the price of raw material internationally in 2009, to the very significant decline in building activity in Greece and abroad during 2009, to the effort from local and foreign customers to reduce their stocks, and the severe minimization in orders by automakers in Western Europe. The decrease in gross profit is mainly attributed to the increase in production costs, due to reduced production quantity and the expensive raw material used from the execution of purchase contracts from 2008.
Due to losses in 2009, the Company's Board of Directors did not propose a dividend for the year 2009. The approval by the General Assembly of Shareholders is anticipated.
Financial data and information are published on Tuesday, March 30th, 2010, in the Hellenic newspapers "KERDOS" , "ELEUTHERI ORA", and in Kilkis (Greece) local newspaper "IMERISIA KILKIS". The same day, the aforementioned data will be available in the Alumil web site, www.alumil.com, along with the complete financial statements report and the relative press releases.
In detail, the Group presented a reduction in sales by 26.4%, exceeding € 209 m., compared to 285.1 m. in 2008; Gross profits reached € 47.4 mil. from € 69.6 mil. in 2008, decreased by 31.9%; EBITDA declined by 54.4%, reaching € 16.9 m., compared to € 37 m., in 2008 and losses before taxes reached € 8.7 m., compared to € 8.7 m. earnings, in 2008.
Operational cash flows produced a surplus of € 21.4 m. Net debt reached € 163.5 m., presenting an decrease compared to 2008 (€ 174.9 m.). Parent company financials reported sales reduction by 28.9%, reaching approximately € 145 m., compared to € 204.1 m. in 2008. EBITDA reached minus € 1 m., compared to 2008 (€ 12.4 m.). Losses before taxes reached € 10.2 m., compared to 2008 (€ 2.2 m.earnings)
The significant reduction in sales is the result of the reduction in selling prices for the Group's products due to significant fluctuation in the price of raw material internationally in 2009, to the very significant decline in building activity in Greece and abroad during 2009, to the effort from local and foreign customers to reduce their stocks, and the severe minimization in orders by automakers in Western Europe. The decrease in gross profit is mainly attributed to the increase in production costs, due to reduced production quantity and the expensive raw material used from the execution of purchase contracts from 2008.
Due to losses in 2009, the Company's Board of Directors did not propose a dividend for the year 2009. The approval by the General Assembly of Shareholders is anticipated.
Financial data and information are published on Tuesday, March 30th, 2010, in the Hellenic newspapers "KERDOS" , "ELEUTHERI ORA", and in Kilkis (Greece) local newspaper "IMERISIA KILKIS". The same day, the aforementioned data will be available in the Alumil web site, www.alumil.com, along with the complete financial statements report and the relative press releases.