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GD RT         Turnover  mln.

Sidenor: 1st Half 2011 Results

SIDENOR Group first half of 2011 (H1 2011) turnover marked an increase of 31.5% and amounted to 622 mil. euro versus 473 mil. euro in the first half of 2010 (H1 2010). In contrast, consolidated earnings before interest, financial and investment results, taxes and depreciation (EBITDA) eased by 41.4% and amounted to 23.9 mil. euro versus 40.8 mil. euro in H1 2010. Consolidated results before taxes of H1 2011 formed at losses of 22.7 mil. euro versus profits of 1.6 mil. euro in H1 2010. Accordingly, net consolidated results after taxes and minority rights formed at losses of 18 mil. euro (or losses of 0.187 euro per share) versus losses of 0.2 mil. euro (or 0.0022 euro per share) in H1 2010.
The significant increase of activity both at the first quarter and at the second quarter of the current fiscal year as compared to the corresponding quarters of 2010, is mainly attributed to the successful implementation of the Group’s strategy to enhance its presence in the existing markets, as well as its penetration in new high demand markets, such as the Western Europe. The rising demand concerns plates and special steels, as well as the increased turnover of CORINTH PIPEWORKS. It is important to note that due to the subdued activity of the domestic market’s construction sector and the ongoing efforts to sustain competitiveness, especially in the new geographical markets, profit margins where suppressed during H1 2011.
The Group’s management, after closely monitoring the existing conditions in the global markets and especially in the markets where it is active, has set as its strategic goal to enhance its presence in new developing markets. Moreover, the continuous investments in the production of value added products, the ongoing containment of operating cost, the reinforcement of the sales and distribution network, along with the Group’s substantial knowhow in the international markets, set the solid foundations for SIDENOR Group’s sustainable growth.
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