ΣΙΔΕΝΟΡ ΕΤΑΙΡΙΑ ΣΥΜΜΕΤΟΧΩΝ ΑΝΩΝΥΜΗ ΕΤΑΙΡΙΑ
PRESS RELEASE ANNUAL ORDINARY GENERAL SHAREHOLDERS MEETING
SIDENOR's Annual General Meeting was held today, Tuesday June, 15th 2010 at the ATHENS IMPERIAL HOTEL in Athens. The Company's management presented before the shareholders the FY 2009 and the Q1 2010 financial results, the company's strategy, as well as the goals and the prospects.
In FY 2009, the consequences of the financial crisis in Greece and abroad had an adverse impact, both in the metals industry worldwide and in SIDENOR Group. The decrease of construction activity and the delay in the completion of large scale infrastructure projects led to reduced volumes of sales, which in combination with the low steel products sales prices led to the decrease of the Group's turnover and to lower profit margins.
As regards the first quarter of 2010, the conditions in the domestic market were similar to those of the fourth quarter of 2009. On the contrary there has been an improvement in internationals markets during the same period versus Q4 2009. More specifically, there has been substantial growth of the exports in the Southeast Mediterranean and North Africa, while there has been significant growth of the subsidiary STOMANA INDUSTRY's exports, especially in value added products (such as special steels and flat products). Consolidated EBITDA increased by 16.5% and stood at 10.6 mil. euro versus 9.1 mil. euro in Q1 2009, while EBITDA margin stood at 5.1% of the consolidated turnover versus 3.2% in the respective period last year. Q1 2010 consolidated results before taxes were also improved by 42.7% and amounted to losses of 7.8 mil. euro versus losses of 13.5 mil. euro in Q1 2009. Finally, net consolidated results after taxes and minority rights formed at losses of 7.6 mil. euro (or losses of 0.079 euro per share) versus profits of 11.4 mil. euro (or 0.119 euro per share) in Q1 2009.
The prompt and consistent actions of the management towards the reduction of the operating cost, the substantial reduction of overhead expenses, the streamlining of inventory and the enhancement of productivity have had significant impact in the improvement of the Group results. The gradual recovery of the international markets, the rebound of demand in the neighboring markets, in conjunction with the recovery of large energy projects that will benefit CORINTH PIPEWORKS' activity, will be the main growth drivers for SIDENOR Group.
In FY 2009, the consequences of the financial crisis in Greece and abroad had an adverse impact, both in the metals industry worldwide and in SIDENOR Group. The decrease of construction activity and the delay in the completion of large scale infrastructure projects led to reduced volumes of sales, which in combination with the low steel products sales prices led to the decrease of the Group's turnover and to lower profit margins.
As regards the first quarter of 2010, the conditions in the domestic market were similar to those of the fourth quarter of 2009. On the contrary there has been an improvement in internationals markets during the same period versus Q4 2009. More specifically, there has been substantial growth of the exports in the Southeast Mediterranean and North Africa, while there has been significant growth of the subsidiary STOMANA INDUSTRY's exports, especially in value added products (such as special steels and flat products). Consolidated EBITDA increased by 16.5% and stood at 10.6 mil. euro versus 9.1 mil. euro in Q1 2009, while EBITDA margin stood at 5.1% of the consolidated turnover versus 3.2% in the respective period last year. Q1 2010 consolidated results before taxes were also improved by 42.7% and amounted to losses of 7.8 mil. euro versus losses of 13.5 mil. euro in Q1 2009. Finally, net consolidated results after taxes and minority rights formed at losses of 7.6 mil. euro (or losses of 0.079 euro per share) versus profits of 11.4 mil. euro (or 0.119 euro per share) in Q1 2009.
The prompt and consistent actions of the management towards the reduction of the operating cost, the substantial reduction of overhead expenses, the streamlining of inventory and the enhancement of productivity have had significant impact in the improvement of the Group results. The gradual recovery of the international markets, the rebound of demand in the neighboring markets, in conjunction with the recovery of large energy projects that will benefit CORINTH PIPEWORKS' activity, will be the main growth drivers for SIDENOR Group.