VIOHALCO'S PRESENTATION TO THE ASSOCIATION OF INSTITUTIONAL INVESTORS
Within the context of the of VIOHALCO's regular updates to the Association of Institutional Investors, the presentation of the group's financial results for the fiscal year 2007 took place ïn Wednesday, May 7, 2008, where VIOHALCO's s course was presented amid the current market conditions, together with its overall strategy as well as its prospects for 2008.
During the presentation there was a brief overview on the business activities of VIOHALCO's subsidiaries, which are active in the manufacture of steel products, the processing of copper and aluminium, the cable production, as well as the real estate development. Furthermore, it was noted that VIOHALCO participates in more than 90 companies, with production facilities in Greece, Bulgaria, Romania, F.Y.R.O.M., and the United Kingdom and has a commercial presence in over 60 countries.
Following the above, an analysis of the fiscal year 2007 financial results was presented, and as mentioned during FY 2007 VIOHALCO group Companies recorded significant growth rates, despite the adverse conditions dominating in the international metal product markets.
Specifically, during the fiscal year, international markets were affected by severe fluctuations in raw material prices due to the weakening Dollar ? Euro exchange rate, the continued surge in oil prices boosting cost, and the slowdown of construction activity in the USA.
Under these conditions, VIOHALCO's consolidated turnover amounted to EUR 3,683 million compared to EUR 3,274 million in 2006, marking an increase of 12.5%. In fiscal year 2007, VIOHALCO confirmed its dynamic exporting orientation with 72.4% of sales taking place in markets beyond Greece, which constituted over 10% of all Greek exports.
At the financial results level, the consolidated profits before taxes, interest, and depreciation (EBITDA) amounted to EUR 394 million, recording marginal decrease by 2.6% in relation to 2006, while the profits after taxes and minority interest amounted to EUR 84 million, lower by 25.8% in relation to 2006.
As regards the current fiscal year, VIOHALCO?s management remains committed to the implementation of its strategic plan. The main pillars of activity for 2008 consist of the increase in productivity and the decrease in production cost, the expansion of the Companies product mix with special emphasis on customer service, with a parallel goal of strengthening the international presence of the Companies, and the commercial expansion into new markets. The protection of the environment and the emphasis on employee health and safety always constitute a vital concern for the Companies' Management.
Finally, in 2008 as well the group will continue implementing the development plan for VIOHALCO Companies substantial real estate portfolio, and in this context a central hotel on Karaiskaki Square, as well as a commercial centre on Kifissou Avenue in Athens are rented, while the office building under construction on Kifissias Avenue is in the final stage of completion.