ElvalHalcor: 162 mln€ in profits for 2022

ElvalHalcor group on Tuesday reported significantly higher sales in the second half of 2022, up by 28.8 percent compared to the same period in 2021, specifically to 3.714 billion euros from 2.883 billion euros, respectively.

The group said an increase in turnover in H2 2022 is due to increased sales in the aluminum sector, higher metals and processing prices, which trumped a tenuous geopolitical situation also burdened by surging energy rates and higher borrowing interest rates.

Consolidated adjusted earnings before taxes, interest, depreciation and amortization, metal result, and other exceptional items (a-EBITDA), which better reflect the operational profitability of the company, increased by 62.6 percent, reaching 271.2 million euros, against 166.8 million euros, compared to the respective prior year, driven by the improved conversion prices and the increase in sales volume.

Consolidated gross profit rose to 352.4 million euros compared to 234.9 million euros in 2021, while consolidated EBITDA amounted to 326.2 million euros, compared to 215.3 million euros in the previous year. The accounting metal result positively affected the above figures, standing at 61.5 million euros for the fiscal year, compared to 56.1 million euros for 2021.
Consolidated net financial results rose to 41.6 million euros in 2022, compared to 30.9 million euros in the previous year.

The increase is attributable to arise in net debt due to increased working capital needs, an increased investment program, and interest rates.

Specifically, the increased metal prices, higher production and sales volumes, as well as the temporary stock in semi-finished products, caused by the scheduled revamping of the extrusion press of the copper and alloys extrusion division of the company, which was successfully completed in October, significantly affected the group’s working capital during the fiscal year.

Consolidated after-tax profits reached 162.0 million euros in 2022, compared to 113.9 million euros in 2021. Profits after taxes and non-controlling interest rose to 159.3 million euros in 2022 or (0.4245 euros per share), compared to 111.7 million euros in 2021 (or 0.2976 euros per share).