This Thursday, 13 June of 2013, the annual Ordinary General Meeting of shareholders of ELVAL S.A.-HELLENIC ALUMINIUM INDUSTRY took place at PRESIDENT Hotel, during which the shareholders discussed and approved all items on the agenda. Specifically, the Annual Financial Report of the year 2012, profits appropriation and non-payment of dividend were approved while the members of the Board of Directors and Auditors were discharged from any liability for compensation regarding the said fiscal year. In addition, the election of the new Director was validated, the new eleven-member Board of Directors was elected, the members of the Audit Committee were appointed and the audit firm “KPMG CERTIFIED AUDITORS A.E.” was selected as independent auditor of the Company.  

During the meeting, the results of 2012 were reviewed and reference was made to the performance of the Company. In 2012, the sales volume amounted to 242,000 tons compared to 232,000 tons in 2011 while the turnover rose marginally by 1.4% due to the lower selling prices. In terms of results, ELVAL registered pre-tax earnings totalling € 16.2 million in comparison with earnings of € 20.7 million in 2011. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 46.5 million, decreased by 12.1% in relation to 2011, while earnings after taxes amounted to € 16.1 million.

At Group level, the rolling sector registered profits while the extrusion sector, due to the problems facing the Greek economy and especially the building sector, continues to register losses which, however, are decreasing. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 80.2 million, decreased by 2.7% in relation to 2011; earnings before taxes amounted to € 22.6 million while earnings after taxes and minority interests amounted to € 21.7 million compared to € 17.4 million in 2011.

Finally, regarding the performance of the Company in 2013, reference was made to the results of the first quarter. The increased sales volume in the rolling sector combined with the improved product mix led to the strengthening of Group results despite the charges entailed by the high energy cost which diminishes considerably our competitiveness on the international markets. Concurrently, due the increase in the income tax rate from 20% to 26%, the recalculation of deferred tax of the Group resulted in a deferred tax loss which was fully charged to the results of the first quarter.