Viohalco S A: subsidiary, financial results of ElvalHalcor for the first quarter of 2024

Viohalco S.A., the parent company, reported the financial results of its subsidiary ElvalHalcor for the first quarter of 2024. The information was released on May 22, 2024, and it falls under the regulatory requirements established by the Royal Decree of November 14, 2007, concerning the obligations of issuers of financial instruments admitted to trading on a regulated market.

In the first quarter of 2024, ElvalHalcor reported an operating profit of48.8 million euroswhich is a positive indicator against the backdrop of a decrease in total debt190 million eurosCompared to the same period in 2023, the global economy in the first quarter of 2024 remained at a moderate growth level. Demand in the industrial sector of Europe continued to face pressure from inflation, high interest rates, and numerous geopolitical crises.

The total sales volume of ElvalHalcor this quarter was at the level of816.6 million eurosthat on12.2%lower than in the same period last year, when sales reached930.5 million eurosIt is worth noting that excluding the effect of deconsolidation of the Etem company in the first quarter of 2023, the growth would have been2%The prices of metals on international markets were at a lower level. For example, the average price of aluminum has dropped by9.2%to2025 eurosper ton, while copper and zinc also showed a decrease in2.4%and12.6%accordingly.

The consolidated gross profit for the first quarter of 2024 amounted to53.2 million euroscompared to64.6 million eurosfor the same period last year. The EBITDA indicator amounted to44.8 million eurosthat it is below last year's result by20.1%This decline is due to a decrease in processing volumes caused by a sharp drop in demand and changes in the product mix. Losses related to metal products amounted to4.2 million euroscompared to more significant losses in14.2 million eurosIn the first quarter of 2023, they also had a negative impact on financial results.

The adjusted EBITDA, which better reflects the group's operating profit, decreased by30.7%having reached48.7 million eurosin the first quarter of 2024 against70.3 million eurosin the previous year. The consolidated financial results showed that net financial expenses amounted to12.5 million eurosthat on7.3%less than in the same period of 2023.

The consolidated profit after tax amounted to14.6 million euroscompared to19.6 million eurosfor the first quarter of 2023. The profit, estimated taking into account non-controlling interests, amounted to12.9 million eurosin the first quarter of 2024, which is comparable to18.0 million eurosfor the same period of the previous year.

Key financial data

The key financial data for the first three months of 2024 and 2023 can be summarized as follows:

• Sales amounted to816,585 thousand eurosin 2024 compared to930,520 thousand eurosin 2023;
• The gross profit amounted to53.230 millionand64.593 millionaccordingly;
• The EBITDA indicator decreased from56.048 millionto44.751 million;
• a-EBITDA decreased from70.289 millionto48.724 million;
• The company's net financial position is also subject to review, as the adjusted results indicate a decrease in financial costs.13.458 millionto12,480 million.

Information about ElvalHalcor's financial results is also available on its official website. Viohalco is a holding company engaged in metal production in Europe, based in Belgium, and listed on Euronext Brussels and the Athens Stock Exchange. The company's main activities include the production of aluminum, copper, cables, steel, and steel pipes, with a focus on sustainable development and innovation in manufacturing processes.

Viohalco's manufacturing facilities are located in Greece, Bulgaria, Romania, the United Kingdom, and North Macedonia, with equity stakes in companies operating in Turkey, Russia, and the Netherlands. The company's total consolidated revenue for 2023 amounted to6.3 billion eurosViohalco is also actively developing the segment of research and technology.

For more information about the company, visit the website.