Athens, 28/08/2014

ELVAL S.A. - HELLENIC ALUMINIUM INDUSTRY

PRESS RELEASE FINANCIAL RESULTS FOR THE 1st SEMESTER OF 2014

ELVAL Group announces its financial results for the first semester of 2014 based on the International Financial Reporting Standards.
During the first semester of 2014, the sales volume at a consolidated level reached
178 thousand tons, increased by 5.3%; turnover however decreased slightly by 2.5% to 511.4 million euro, influenced by the average price of primary aluminium in the London Metal Exchange. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 34.7 million euro, compared to 45.1 million euro in the same semester last year, thus decreased by 23%, mainly due to the extrusion sector. Earnings before tax dropped to 5.4 million euro from 14.7 million euro in the corresponding semester of 2013. On the contrary, after-tax results amounted to profits of 2.2 million euro, as opposed to losses of 3.3 million euro (the results for the first semester of 2013 were encumbered with high one-off taxes). Finally profits after tax and non-controlling interests reached 4.4 million euro, while earnings per share reached 0.036 euro, compared to a loss per share of 0.024 euro in last year's first semester.
More specifically, the rolling sector shows earnings before interest, taxes, depreciation and amortization (EBITDA) of 40.8 million euro, decreased by 5.2%. Inspite of the increased sales volume (amounting to 168 thousand tonnes), the prices were at lower levels and caused the delay in results. In the extrusion sector, in the first semester of 2014, the Greek market's decreasing trend with respect to sales continued, resulting in a drop of approximately 16% in respective sales, compared to the same period last year; however, overall there was a marginal increase of approximately 1%, as a result of the export-oriented policy and the development of new products and markets. The sector record losses before interest, taxes, depreciation and amortization (EBITDA) of 9.2 million euro, burdened with extraordinary provisions amounting to 8.5 million euro.
The Group's other activities contributed to earnings before interest, taxes,
depreciation and amortization (EBITDA) approximately 3 million euro.
The working capital remains stable and the Group reported positive operating cash flow of 27.5 million euro. The Group's investment expenses amounted to 28.6 million euro, which mainly concerned the ongoing investment programmes of BRIDGNORTH ALUMINIUM Ltd and the parent company.
Published on Thursday, 28 August 2014, after the end of trading day at the Athens
Exchange.
Figures and information for the period 1.1.2014 - 30.6.2014 along with the 6-months period Financial Report for the same period; will be also posted on the Company's website (www.elval.gr) and the website of the Athens Stock Exchange (www.helex.gr).

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