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MarketScreener Homepage  >  Equities  >  Athens Stock Exchange  >  Elvalhalcor Hellenic Copr &Al IndSA    ELHA   GRS281101006

ELVALHALCOR HELLENIC COPR &AL INDSA

(ELHA)
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Elvalhalcor Hellenic Copr &Al IndSA : Press Release for H1 2019 Financial Results

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09/12/2019 | 12:32pm EDT

Press Release

H1'19 Financial Results

Increase of volumes and a-EBITDA

  • Increase of sales volumes by 3.8% for H1 2019 versus H1 2018
  • Increase of a-EBITDA to EUR 78.5 million for H1 2019 versus EUR 68.7 million for H1 2018
  • Reduction of financial cost by 23.6%

ElvalHalcor's sales volumes reported a strong increase in H1 2019, as the Company took advantage of favourable conditions in the international aluminium market by utilising its long-term strategy and increasing sales in the most attractive markets. In addition, the Copper segment used its leading position in the copper tubes market, and leveraged its rising position and production capacity in the rolling products sector, to gain market share, despite a temporary slowdown of growth and decline in demand.

As a result, ElvalHalcor's consolidated revenue increased by 2.6% in H1 2019 to EUR 1,081.0 million, compared to EUR 1,053.2 million in the respective prior year period. This was mainly driven by a 3.8% year-on-year increase in sales volumes, supported by improved conversion prices and product mix, while metal prices declined. Compared to the prior year period, average aluminium prices were down 11.4%, copper prices were down 4.5% and by 10.4% for zinc.

Adjusted consolidated earnings before taxes, interest, depreciation and amortization and metal price lag (a-EBITDA), which more accurately reflects operational profitability, reported a significant year-on-year increase of 14.3% to EUR 78.5 million, versus EUR 68.7 million in H1 2018.

Consolidated Gross profit amounted to EUR 76.0 million in the first six months of 2019, compared to EUR 83.5 million for the respective period in 2018. This is due to a downtrend in metal prices which amounted to a metal loss of EUR 8.3 million in the H1 2019, compared to a gain of EUR 13.8 million in H1 2018. This downward trend also impacted earnings before taxes, interest, depreciation and amortization (EBITDA), which amounted to EUR 70.1 million, compared to EUR 82.4 million in H1 2018.

Consolidated Financial costs improved by 23.6% year-on-year, as a result of improved interest margins achieved by the renegotiation of loans of both the parent company and its subsidiaries. Finally, profit after tax amounted to EUR 19.9 million in H1 2019, versus EUR 29.5 million for the respective prior year period. The reduction in profit, both before and after tax, is attributable to the reduced metal result, while the operational profitability of the Group continued to improve, as reflected in the adjusted EBITDA of the period.

Sales in EUR million

a-EBITDA in EUR million

GROUP

COMPANY

Amounts in €'000s

H1'19

H1'18

H1'19

H1'18

Sales

1,080,955

1,053,163

765,741

745,294

Gross profit

75,951

83,491

48,416

52,828

EBITDA

70,134

82,496

46,197

54,045

a-EBITDA

78,479

68,744

51,910

42,960

ΕΒΙΤ

42,302

51,698

28,066

32,795

Net financial result

(13,158)

(17,398)

(8,875)

(12,902)

Profit before tax

31,496

33,102

19,192

19,893

Profit after tax

19,856

29,537

11,036

19,460

Profit after tax & non-

19,516

28,901

11,036

19,460

controlling interests

Earnings per share

0.0520

0.0770

0.0294

0.0519

Per segment analysis

For the 6 months

Sales

EBITDA

a-EBITDA

EBIT

EBT

until 30.06

€'000

30/06/2019

30/06/2018

30/06/2019

30/06/2018

30/06/2019

30/06/2018

30/06/2019

30/06/2018

30/06/2019

30/06/2018

Aluminium

535,869

518,128

49,813

52,212

53,665

43,715

30,935

30,051

25,261

21,445

Copper

545,086

535,035

20,321

30,283

24,813

25,029

11,367

21,647

6,236

11,657

Total

1,080,955

1,053,163

70,134

82,496

78,479

68,744

42,302

51,698

31,496

33,102

2

Aluminium

During H1 2019, the aluminium rolling segment increased volumes of sales by 4.1% and its turnover reached EUR 536, increased by 3.4%. The profits before tax for the segment amounted to EUR 25.3 million versus EUR 21.4 million, for the respective prior year period in spite of the adverse effect (reduction) of the aluminium price versus the prior year period, while a-EBITDA amounted to EUR 53.7 million for H1 2019 versus EUR 43.7 million for the respective prior year period. The performance of the segment was outstanding, as it took full advantage of the conditions in the global market by selectively increasing sales in products and markets of high profitability, stretching the limits of the production capacity, which is expected to significantly increase after the completion of the investment of the new hot- rolling mill.

The amount of EUR 42.0 million was invested in acquisition of fix assets, out of which EUR 38.2 million for the production facilities of the aluminum rolling facilities of the parent company in Oinofyta, part of the ongoing investment program of EUR 150 m.

Copper

During H1 2019, and despite the negative impact from the automotive industry, which reduced significantly the demand especially in rolling products, and the drop in the growth of European economy which affected all product ranges, the copper segment sales volumes grew significantly, by 3.2%, versus H1'18, with sales amounting to EUR 545 million, increased by 1.9%. The profit before tax amounted to EUR 6.2 million versus profit of EUR 11.7 million in the respective H1 2018, due to the fluctuation (reduction) of the copper prices, while a-EBITDA amounted to EUR 25 million in H1 2019.

In regards to the investments, approximately EUR 8.6 million were spent, out of which EUR 3.7 million at the copper tube plant in Oinofyta, EUR 0.8 million for the former plant of former "Ipiros Metalworks Industry S.A." and EUR 4.1 million for the completion of the investment program and new investments in the subsidiary Sofia Med.

Prospects for the second half of 2019

For the second half of 2019, the Group and the Company will continue to have as a primary strategic target the expansion through the increase of exports in Europe and markets outside Europe, the increase of market shares in industrial products and the strengthening of its activity in new markets with growth prospects.

3

Consolidated Condensed Statement of Financial

30/06/2019

31/12/2018

30/06/2018

Position

ASSETS

€' 000

€' 000

€' 000

Non-current assets

943,336

894,998

867,845

Inventories

512,898

519,218

530,183

Trade receivables

261,230

218,285

264,008

Other current assets

3,596

3,306

4,776

Cash and cash equivalents

31,311

34,241

69,073

Assets held for sale

5,720

4,495

4,495

TOTAL ASSETS

1,758,090

1,674,543

1,740,380

EQUITY & LIABILITIES

EQUITY & LIABILITIES

Share Capital

146,344

146,344

146,344

Other Company's shareholders equity

579,381

570,444

538,113

Company's shareholders equity

725,725

716,788

684,457

Minority rights

14,002

13,679

13,338

Total Equity

739,728

730,468

697,795

Long term borrowings liabilities

389,919

384,415

342,736

Provisions / Other long term liabilities

93,854

94,721

101,082

Short term borrowings liabilities

199,759

193,553

252,537

Other short term liabilities

334,830

271,386

346,230

Total Liabilities

1,018,362

944,075

1,042,585

TOTAL EQUITY & LIABILITIES

1,758,090

1,674,543

1,740,380

Condensed Consolidated of Statement of Cash Flows

30/6/2019

30/6/2018

€ '000

€ '000

Net cash flows from Operating activities

51,651

44,731

Net cash flows from Investing activities

(51,531)

(47,034)

Net cash flows from Financing activities

(3,050)

29,929

Net (reduction)/ increase in cash and cash equivalents

(2,930)

27,627

4

Disclaimer

Elvalhalcor Hellenic Copper and Aluminium Industry SA published this content on 12 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 September 2019 16:31:02 UTC

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Financials (EUR)
Sales 2019 2 135 M
EBIT 2019 94,8 M
Net income 2019 52,0 M
Debt 2019 553 M
Yield 2019 1,64%
P/E ratio 2019 13,1x
P/E ratio 2020 10,8x
EV / Sales2019 0,58x
EV / Sales2020 0,54x
Capitalization 688 M
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Mean consensus BUY
Number of Analysts 2
Average target price 2,40  €
Last Close Price 1,83  €
Spread / Highest target 30,9%
Spread / Average Target 30,9%
Spread / Lowest Target 30,9%
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Managers
NameTitle
Theodosios Panagioti Papageorgopoulos Executive Chairman
Spyridon Kokkolis Chief Financial Officer
Nikolaos Konstantinou Koudounis Executive Director
Periklis Christou Sapountzis Executive Director
Eftichios Georgiou Kotsampasakis Executive Director
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