Athens, May 29th, 2009. M.J. Maillis Group announced today the financial results for the first three months of year 2009. Concisely:
Sales: Net sales for Q1 2009 were 51.5M€, lower by 42.6% compared to Q1 2008.
The sales shortfall is primarily due to the dramatic slowdown in the global markets for metal and construction materials, as well as the abrupt reduction in the prices of raw material.
EBITDA: Q1 2009 EBITDA was -4.8M€, versus 4.1M€ in Q1 2008. EBITDA was impacted by the sales shortfall, increased manufacturing unit cost due to lower production levels, as well as the consumption of more expensive raw materials purchased in the last months of 2008.
Operating expenses have been reduced by 11% as compared to Q1 2008 as a result of the ongoing cost reduction measures.
Profits after tax: Losses after tax for Q1 2009 totaled 17.8 M€, compared with 3.9 M€ losses in Q1 2008. Besides depreciation, the results were impacted by differences in the valuation of loans and derivatives of 4.2M€, as well as financial and other similar third party expenses of approximately 7M€.
Working capital decreased further during this period by 10.5M€, contributing significantly towards maintaining a positive operating cash flow.
Since April we see a positive impact on gross profit margin as a result of the depletion of expensive raw material inventory and the productivity improvement measures implemented throughout the organisation.
For more information, please contact our Group’s Investor Relations Department tel. +302106285000 or e-mail email@example.com