In particular, during the third quarter of 2021 the fundamental financial figures of the group of SIDMA STEEL SA. continued to improve significantly compared to the corresponding figures of 2020, as in the previous two quarters of this year. Specifically:

– The strong upward trend in turnover was maintained, which amounted to 55,602 thousand euros compared to 32,855 thousand euros in the corresponding period of 2020, recording an increase of 69.2%.

– The high profitability was maintained both in terms of earnings before taxes, interest and depreciation (6,044 thousand euros against 1,674 thousand euros) and profits before taxes (3,897 thousand euros against losses of 134 thousand euros).

– The strong cash position and the reduction of net debt were maintained (20,073 thousand euros against euro 16,742 thousand and 86,645 thousand euros against 98,409 thousand euros compared to December 2020 respectively).

Regarding the first nine months of the year, the Group’s turnover amounted to 162.0 million euros or 72.1% higher compared to the corresponding period of 2020, while together with the sales of the agency it amounted to 197.2 million euros. from 115.4 million euros increased by 70.9% compared to last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 25,170 thousand euros from 3,515 thousand euros last year, while the results before taxes amounted to profits of 32,184 thousand euros from losses of 1,902 thousand euros in the corresponding period last year. “The difference in pre-tax results between the two years is due on the one hand to the operating profitability of the first nine months of 2021 and on the other hand to the presentation of the new loan liabilities of the Parent at their fair value, in accordance with IFRS 9 requirements.”

Regarding the net borrowing of the Group on 31/09/2021, it decreased by 11.8 million euros compared to 31/12/2020 while it increased by euro1.6 million compared to 30/06/2021.

Finally, the Net Position of the Group improved by 3.7 million euros compared to 30/06/2021, and amounted to 16.4 million euros.

Regarding the uncertainty and risks of Covid-19, the fourth wave of the pandemic would be likely to affect the short-term growth prospects of the Greek economy, with a negative impact on the Group’s financial size, however such a development does not seem to be included, at present, in the basic scenarios of forecasts of economic pundits and analysts. In addition, the experience of 2020 shows us that the demand for steel can only be affected under conditions of general lockdown, and the taking of such a measure has been categorically ruled out by the Government.

“We estimate that the growth rate of our economy is more likely to be halted due to rising energy costs and the general inflationary pressures exerted on the global economy by the disruption of supply chains due to COVID-19 and the climate crisis. Finally, we point out the expected correction in the gross profit margins as more expensive goods enter our warehouses, increasing the average cost of acquiring stocks”, it is pointed out.

However, none of the above factors seems capable of substantially differentiating by the end of the year the general picture of the fundamental figures of the Group that was formed in the nine months.

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