Athens, May 29, 2012
FIRST QUARTER 2012 RESULTS
SIDENOR Group first quarter of 2012 (Q1 2012) turnover stood at the same level compared to the corresponding period last year, marking marginal increase by 0.5% amounting to 272.4 mil. euro versus 271 mil. euro in the first quarter of 2011. As regards the profitability, consolidated EBITDA stood in Q1 2012 at 5.4 mil. euro compared to 12.7 mil. euro in Q1 2011, while net consolidated results after taxes and minority rights stood at losses of 17.6 mil. euro (or losses of 0.1825 euro per share) compared to losses of 7.6 mil. euro (or losses of 0.0794 euro per share) in Q1 2011.
First quarter 2012 results were adversely affected by the further decline of the construction activity in Greece and the particularly bad weather conditions during the previous winter, both in the Balkans and in central Europe. These negative developments were partially offset by the positive results derived by the expansion of the Group's activity in markets abroad, the expansion of product portfolio with new value-added products and the significant improvement of the financials of the subsidiary CORINTH PIPEWORKS.
Within the framework of the current adverse economic environment, SIDENOR Group aiming at its healthy development and growth, sets as key pillars of its strategy to further increase its competitiveness, to reduce its needs for working capital, to penetrate into new developing markets, to strengthen its distribution network and develop new products.
Publication: Tuesday May 29, 2012, following the end of ATHEXís trading session
The Data and Information of the period 1.1.2012 – 31.3.2012 will be published on the May 30th, 2012 edition of the newspaper “HRIMATISTIRIO” and together with the Interim Financial Statements for the same period will be posted on the companyís website, www.sidenor.gr as well as on the ATHEX website www.athex.gr