COMPANY PRESENTATION - ELASTRON · Leading Steel Processor and Reseller of steel products in Greece...

COMPANY PRESENTATIONApril 2008

COMPANY PRESENTATIONApril 2008

1 Business OverviewKey Investment HighlightsIndustry OverviewBusiness StrategyInvestment ThesisFinancial OverviewAppendix

Key Issues12

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3

At a GlanceAt a Glance

2004 2005 2006 2007

EBITDA Margin 12.1% 5.6% 10.1% 10.4%

DIVIDEND (¢ / share) 7.3 1.8 6.7 10

Turnover (€ mil.) 130.1 128.1 150.4 189.3

(-1.6%) (+17.5%) (+25.9%)

EBITDA (€ mil.) 15.7 7.2 15.3 19.7

(-54.3%) (+112.9%) (+29.1%)

EATAM (€ mil.) 9.4 1.8 6.2 9.6

(-80.7%) (+242.6%) (+53.9%)

Land: 140,000 m2

Plants & Build. 75,000 m2

Shares: 37.296 mil

Mkt CAP: € 59.7 mil

Assets(2007): € 204.5 mil

Sales Vol.(2007)231.3 th tons

1.4 Mio m2

EV/EBITDA(2007): 7.01 x

P/BV(2007):0.67 x

P/E(2007): 6.24 x

PEG (2007): 0.12 x

Leading Steel Processor and Reseller of steel products in Greece with over 50 years presence in the sector, managing the largest steel product range in the market.Leading Steel Processor and Reseller of steel products in Greece with over 50 years presence in the sector, managing the largest steel product range in the market.

Share price € 1.60 (10/04/2008)BV=Total Equity-Minority Rights, Investment ratios computed with number of shares 37,296,000.

4

At a GlanceAt a Glance

2004 2005 2006 2007

EBITDA Margin 12.4% 5.4% 10.0% 10.4%

DIVIDEND (¢ / share) 7.3 1.8 6.7 10

Turnover (€ mil.) 123.1 118.2 135.2 168.3

(-3.9%) (+14.4%) (+24.5%)

EBITDA (€ mil.) 15.3 6.4 13.5 17.5

(-58.2%) (+110.9%) (+29.6%)

EATAM (€ mil.) 9.2 1.8 6.2 9.6

(-80.7%) (+242.6%) (+53.9%)

Land: 124,000 m2

Plants & Build. 68,500 m2

Shares: 37.296 mil

Mkt CAP: € 59.7 mil

Assets(2007): € 170.4 mil

Sales Vol.(2007): 222 th tons

1.4 Mio m2

EV/EBITDA(2007): 5.38 x

P/BV(2007):0.67 x

P/E(2007): 6.24 x

PEG (2007): 0.12 x

Excluding STEEL CENTER SA • The company is Under Common Management & has the same Major Shareholders

with KALPINIS-SIMOS SA but with a different activity • 0% ownership but is included in the Consolidated under IFRS Statements of

KALPINIS-SIMOS SA

Excluding STEEL CENTER SA • The company is Under Common Management & has the same Major Shareholders

with KALPINIS-SIMOS SA but with a different activity • 0% ownership but is included in the Consolidated under IFRS Statements of

KALPINIS-SIMOS SA


5

Investment ThesisInvestment Thesis

(*) Excluding STEEL CENTER SA operations

150,440

15,260

13,761

6,210

17

9.61

0.730.40

3.91

8.46

0.87

SALES (000. €)

EBITDA (000. €)

EBIT (000. €)

EAT&MIN (000. €)

EPS ¢

P/E x

P/BV xP/SALES x

P/EBITDA x

EV/EBITDA x

BANKS/ EQUITY x

PEG x 0.04

189,345

19,696

17,936

9,557

26

6.24

0.670.32

3.03

7.01

0.90

0.12

2006 2007

168,274

17,532

16,021

9,557

26

6.24

0.670.35

3.40

5.38

0.65

0.12

2007*


6

Brief History Brief History 1956

Founded by the fathers of today’s major shareholders, Andreas Kalpinis and Nicolaos Simos.

The first Steel Service Centre of the Greek market. Scope of activities is extended into the manufacture and processing of steel products.

1977

Listed on the Athens Stock Exchange following a 8.7 million euros IPO1990

Subsidiary Corus - Kalpinis – Simos SA. Is founded (50-50% Joint venture with British Steel Holdings B.V.)

1999

2002Capital Increase by €10.4 mil.

Relocation to the strategic area of Aspropirgos in the Attica region, optimizing transportation process

2006Establishment of Corus-Kalpinis-Simos Steel Service Center SA that is, the Steel Service Center of the Group in South East Europe (50-50% Joint venture with Corus–Tata)

2007Stock Split 2:1 in October 10, 2007 -- Outstanding Shares: 37,296,0001st ever Private Placement: 10% placed to Foreign Institutional Investors

2008Established BALKAN IRON GROUP S.R.L. in Romania (Joint Venture with “HELLENIC HALYVOYRGIA” and “TRIGONIS BROS” 1/3 each)

Established Bulgarian subsidiary: KALPINIS – SIMOS BULGARIA EOOD

7

• Established in 1973

• Owned by Kalpinis & Simos family

• Active in the stainless steel industry

• Will not be consolidated in 1st

Quarter of 2008

• Established in 1999• Partnership with British

Steel Holdings B.V.• Modern steel building

materials (Ecopanel, polyurethane panels)

• Sales ‘07: (€) 28.2 Mio• Sales ‘07 (vol.) 1.4 Mio m2

The GroupThe Group

Corus-Kalpinis-Simos Steel Service Center S.A.

0%50%

• Re-activated in 2006• 50-50% Joint venture with

Corus-Tata SA• Steel Service Center in

Southeast Europe• Starts operations in the 2nd

half of 2008• Sales ’08: (€) 18.9 Mio• Sales ’08 P: (vol) 40 th. tons

50%

• Established in 1956

• Leading Steel product distributor & processor in Greece

• Sales 2007 (€) 155.3 Mio

• Sales 2007 (vol.) 221.9 th tons

1 Key IssuesKey Investment HighlightsIndustry OverviewBusiness StrategyInvestment ThesisFinancial OverviewAppendix

Business Overview21

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The Group processes and trades

Flat Steel products Long Steel products

Product Categories Product Categories

Sales Breakdown (FY 2007)

Processed Products

Resale

64.0%

36.0%Tubes (Long Products)Long Steel ProductsFlat Steel Products

49,7% 38,1%

12,2%

110.3 th tons

111.6 th tons

10

Product Applications Product Applications …which are marketed to a diverse number of industries

and cover a series of applications…which are marketed to a diverse number of industries

and cover a series of applications

8% 10%20%

52%

10%

ResellConstruction Manufacturing Energy Ship-building Ship-repairing• AKTOR• J&P

• KNAUF• FRIGOGLASS

• METKA• PPC

• THYSSEN KRUPP• GREEK NAVAL FORCES

11

Product Categories Product Categories Flat Steel productsFlat Steel products

Symdeck 73 Profiled Steel SheetMetaldeck Scaffolding PlankCold-Form Sections & JoistsPolyurethane PanelsSteel Plates, Sheets, StripsCladding Steel ProfilesEcotiles

12

H-Beams, I-Beams, Channels, Angles etc.


Long Steel products Long Steel products

Round, square, right steel pipes

Galvanized round, galvanized square and galvanized rectangular ones

Structural Hollow sections & tubesStructural Hollow sections & tubes

13


Stainless steel products (Steel Center S.A.)Stainless steel products (Steel Center S.A.)

Stainless steel rolls and flat sheets

Hollow sections and TUBO

Concrete reinforcing stainless steel

Inox accessories for tank (i.e. trapdoors)

Stainless steel welding consumables

1

Key Investment Highlights31

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Key IssuesBusiness OverviewIndustry OverviewBusiness StrategyInvestment ThesisFinancial OverviewAppendix

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• Value added Products• Wide & diversified product mix (over 300 types)• Dispersed clientele base (over 2,900 clients)• Sophisticated sales Network

Broad Product Portfolio &

Sales Network

• Stable price Growth • South East Europe expansion

• Strong demand for steel productsStrong Market

Dynamics

• Long-standing partnerships with major groups world wide (Corus-Tata, Mittal Steel, BlueScope, Hyundai Steel, Salzgitter etc)

• Know how transfer• Strong relationships with key suppliers (over 35 international in 24

countries)

Long-Term Relationships

Attractive key financial

ratios

Key Investment HighlightsKey Investment Highlights• EV/EBITDA(2007): 7.01x • P/E(2007): 6.24x• P/BV(2007): 0.67x• Net Debt/Equity(2007): 0.71• PEG (2007): 0.12x

16

(Tube Manufacturing)

Land with

Buildings

Capacity

EN ISO 9001

15,700 sq. m.

8,500 sq m.

60,000 Mt

2000

ASPROPIRGOS

Facilities Facilities

Land area

Buildings

Capacity

EN ISO 9001

105,000 sq. m.

37,000 sq m.

320,000 Mt

2000

SCARAMAGAS

Land with

Buildings

Capacity

EN ISO 9001

16,000 sq. m.

6,500 sq m.

15,000 Mt

2000

(Steel Processing & Trading) (Stainless Steel)

KALPINIS SIMOS SAKALPINIS SIMOS SA KALPINIS SIMOS SAKALPINIS SIMOS SA STEEL CENTER SASTEEL CENTER SA

17

Land with

Buildings

Capacity

32,000 sq. m.

18,500 sq m.

200,000 Mt

CORUS – KALPINIS – SIMOS SACORUS – KALPINIS – SIMOS SA

Facilities Facilities

Land area

Buildings

CapacityEN ISO 9001ISRS

(Utilizes KALPINIS-SIMOS premises)

2,400 sq m

2000

•METALPRO is a 50-50% Joint Venture with Corus-Tata•Land is already acquired and the buildings are under construction• Runs a € 14.8 Mio investment plan

ATHENS(Building Systems)

SALONIKA(Steel processing & trading)

CORUS – KALPINIS – SIMOS Steel Service Center SA

CORUS – KALPINIS – SIMOS Steel Service Center SA

18

Capacities Capacities KALPINIS-SIMOS (tns)

CORUS-KALPINIS-SIMOS (ATHENS-m2)

1,400,000

2,400,000 2,400,000 2,400,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2007 2008 2009 2010

CORUS-KALPINIS-SIMOS (SALONICA tns)

250,000 270,000 290,000

380,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2007 2008 2009 2010

120,000 120,000

200,000

0

50,000

100,000

150,000

200,000

250,000

2008 2009 2010

1 Key IssuesBusiness OverviewKey Investment HighlightsBusiness StrategyInvestment ThesisFinancial OverviewAppendix

Industry Overview41

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Global Market:Global Market:

Industry Outlook Industry Outlook

• 1,150 bio $US in ‘06 or 1,260 Mt

Market Size

Consumption

EU35 estimated consumption rates of finished steel are expected to grow moderately a 1.6% CAGR until 2012 (from 182 Mt in 2006 to 208 Mt in 2012)

• EU 35 estimated production rates of crude steel are also expected to grow moderately at a 0.7% CAGR until 2012 (from 208 Mt in 2006 to 220 in 2012)

• World production (2007): 1,343.5 Mt.

Production

Market Growth

• Significant growth in value of the global market over the last three years

• The new consumers in Asia and transition economies pull global steel demand by 4 to 6 % per year for 20 to 30 years

Source: LAPLACE CONSEIL, CORUS-TATA, I..I.S.I., SBB Briefing

• World Market CAP grew 7 times from 2000

Market Growth

21

0 €

100 €

200 €

300 €

400 €

500 €

600 €

700 €

Jan 07

Mar 07

May 07

Jul 07

Sep 07

Nov 07

Jan 08

Mar 08

Global Market Characteristics:Global Market Characteristics:

Industry Outlook Industry Outlook

Increase in price volatility

Reduced cyclicality

Value added European products offer competitive edge

Kalpinis-Simos is gaining momentum from rising Euro as most purchases from the Asian market are paid in US dollars

Europe would likely see steel prices at €1,000/ton by 2010, or steel prices would have doubled in five years, from around €500/t in 2005.

Source: LAPLACE CONSEIL, CORUS-TATA, I..I.S.I., steelbb.com

STEEL PRICE EVOLUTION 2007-2008

0 €

100 €

200 €

300 €

400 €

500 €

600 €

700 €

Jan 00

May 00

Sep 00

Jan 01

May 01

Sep 01

Jan 02

May 02

Sep 02

Jan 03

May 03

Sep 03

Jan 04

May 04

Sep 04

Jan 05

May 05

Sep 05

Jan 06

May 06

Sep 06

Jan 07

May 07

Sep 07

Jan 08

STEEL PRICE EVOLUTION 2000-2008

22

590,114

177,555189,345 166,45576,531

A. K

ALPI

NIS

- N. S

IMO

SSA

SID

MA

SA

BITR

OS

HO

LDIN

GS

SA

KOR

DEL

LOU

SA OTH

ER

Size: € 1,200 Mio market

Industry OutlookIndustry OutlookDomestic MarketDomestic Market

Consolidated Market Share 2007 (Greece)

(000. €)

15.78%14.80% 13.87%

6.38%

49.18%

1

Business Strategy51

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Key IssuesBusiness OverviewKey Investment HighlightsIndustry OverviewInvestment ThesisFinancial OverviewAppendix

24

THREATS

STRENGTHS WEAKNESSES

OPPORTUNITIES

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SWOT analysisSWOT analysis

• 50+ year history• Strategic partnership with

Corus-Tata• Well Diversified product portfolio • Well diversified supplier base• Long term Relationships with

customers and suppliers• Group’s exposure to steel price

volatility is partially balanced as it focuses on value added products

• Solid financial performance• Lowest PEG: 0.12 x• Attractive P/E: 6.24 x

• Unfavorable balance betweencollection and payment days,which is gradually improvingcausing a burden to the Cash flow

• Limited to the Greek market• Relatively low ROE

• High expected growth rates in South

East Europe

• Increasing demand in the construction,

ship-building and the ship repairing

industries

• Potential consolidation

• Price Volatility• Cyclicality

1

Investment Thesis61

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Key IssuesBusiness OverviewKey Investment HighlightsIndustry OverviewBusiness StrategyFinancial OverviewAppendix

26

Business Plan FinancingStrategy

Expansion in South East Europe - new joint venture with Corus-Tata. New service centre in N. Greece.

Establishment of 1 new subsidiary KALPINIS – SIMOS BULGARIA

Established 1 new subsidiary in Romania which will be named BALKAN IRON GROUP S.R.L. (Joint Venture with “HELLENIC HALYVOYRGIA” and “TRIGONIS BROS” 1/3 each)

Further expansion in other countries of South East Europe (F.Y.R.O.M., Albania, Cyprus)


27

Strategy FinancingBusiness Plan

We have put together a 5-year 45-mio € plan for the:

Modernization of existing operations in the Attica region (€ 14.7 Mio 35% subsidized).

Establishment of new production and trade facilities in N. Greece (€ 7.4 Mio 25% subsidized, 50-50% joint venture with Corus-Tata) (expected capacity: 200,000 Mt)

Establishment of new Steel centers in Romania and Bulgaria (€ 6 mio, 30% subsidized, in a joint venture)Bulgaria (expected capacity 100,000 Mt, 10,000 sq. m Buildings)Romania (expected capacity 200,000 Mt , 20,000 sq. m Buildings)

Expansion of operations of Corus-Kalpinis-Simos (€ 1.6 Mio, 50-50% Joint Venture, 20% subsidized)(expected capacity will increase form 1,200 to 2,400 sq m.)


28

Strategy Business Plan Financing


Capex Requirements (5-year horizon) Sources of Financing

Free Cash Flow (€ 5 Mio)

Sale of non-core assets (€ 8 Mio)

Leverage (€ 7 Mio)

Initial Investment = € 45 Mio

Initial Investment = € 30 Mio

(Kalpinis-Simos SA share)

(Minus) subsidies = € 10 Mio

Net capex required = € 20 Mio

Leverage35%

Free Cash Flow25%

Sale (non-core

assets)40%

1

Financial Overview71

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Key IssuesBusiness OverviewKey Investment HighlightsIndustry OverviewBusiness StrategyInvestment ThesisAppendix

30

189.345

150.440

130.132 128.086

0

20.000

40.000

60.000

80.000

100.000

120.000

140.000

160.000

180.000

200.000

FY 2004 FY 2005 FY 2006 FY 2007

CAGR 13.3%

TurnoverTurnover(000. €)

-1.6 %-1.6 %

+17.5 %

+25.9 %

31

TurnoverTurnoverVOLUMEVOLUME

000 m2

% of Group Volume 82%

Avg Gross Margin 16%

% of Group Volume 8%

Avg Gross Margin 27%

000 tnKALPINIS - SIMOS S.A.

025.00050.00075.000

100.000125.000150.000175.000200.000225.000250.000

2000 2001 2002 2003 2004 2005 2006 2007

CORUS - KALPINIS - SIMOS S.A.

0200400600800

1.0001.2001.4001.600

2000 2001 2002 2003 2004 2005 2006 2007

32

1.81

3

29.7

12

24.8

63

24.3

82

14.8

65 19.6

96

15.2

60

15.6

97

7.16

9 13.7

95

11.4

96

13.1

67

4.31

2 9.55

7

6.21

0

9.37

1

0

5.000

10.000

15.000

20.000

25.000

30.000

2004 2005 2006 2007

GROSS PROFIT EBITDA EBT EATAM

(000. €)

(-39.0%)

(-54.3%)

(-67.2%)

(-80.7%)

(+67.3%)

(+112.9%)

(+166.6%)

(+242.6%)

(+19.5%)

(+29.1%)

(+20.0%)

(+53.9%)

Income StatementIncome Statement

33

Profit Margins Profit Margins (%. €)

+15,

7%

+ 11

,6%

+ 18

,7%

+ 16

,5%

+10,

4%

+ 5,

6%

+ 12

,1%

+ 10

,1%

+7,3

%

+ 3,

4%

+ 10

,1%

+ 7,

6%

+5,0

%

+7,2

%

+ 4,

1%

+ 1,

4%

0

5,000

10,000

15,000

20,000

25,000

30,000

2004 2005 2006GROSS PROFIT EBITDA EBT EATAM

34

Free Cash Flow Free Cash Flow

2004 2005 2006 2007

Turnover 130 128 150 189

EBIT 14 6 14 17.9

Less: Adjusted Tax 3.1 2.2 4.4 3.5

NOPAT

Plus: Depreciation 1.4 1.6 1.5 1.8

Less: Change in Working Capital

Less: Capex

Cash Flow to the Firm (FCFF)

1.8 6.7 20 13.3

2.9 4.5 7.5 1.9

7.6 -6.3 -16.6 1.0

10.9 3.4 9.4 14.5

35

204.512

182.055

154.140158.996

50.000

70.000

90.000

110.000

130.000

150.000

170.000

190.000

210.000

230.000

2004 2005 2006 2007

AssetsAssets(000. €)

-1.6 %+3.2 %

-1.6 %+14.5 %

+12.3 %

36

46

3

84

55

17113

71

18

91

130

2

52

5

150

55

80

21

99

2007

2005

2006

Balance SheetBalance Sheet(mil. €)

EQUITY

NON CURRENT ASSETS

CURRENT ASSETS

OTHER SHORT TERM LIABILITIES

TOTAL BANK LIABILITIES

OTHER LONG TERM LIABILITIES

37

Key Consolidated figures & ratiosKey Consolidated figures & ratios2004 2005 2006 2007

SALES (000. €) 130,132 128,086 150,440

EBITDA (000. €) 15,697 7,169 15,260

EBIT (000. €) 14,288 5,561 13,761

EAT&MIN (000. €) 9,372 1,813 6,210

EPS ¢ 25 5 17

DPS 7 2 7

DIV YLD % 4.58% 1.15% 4.17%

P/E x 6.37 32.92 9.61

P/BV x 0.77 0.78 0.73

P/SALES x 0.46 0.47 0.40

P/EBITDA x 3.80 8.32 3.91

EV/EBITDA x 6.50 15.89 8.46

BANKS/ EQUITY x 0.63 0.73 0.87

x

189,345

19,696

17,936

9,557

26

6.24

0.67

0.32

3.03

7.01

0.90

2007*

PEG -0.41 0.04 0.12

168,274

17,532

16,021

9,557

26

6.24

0.67

0.35

3.40

5.38

0.65

0.12

10 10

6.25% 6.25%

¢

(*) Excluding STEEL CENTER SA operationsShare price € 1.60 (10/04/2008)BV=Total Equity-Minority Rights, Investment ratios computed with number of shares 37,296,000.

38

Shareholders Structure

ATHEX

Reuters

Bloomberg

ΚΑΛΣΚ

KALr.AT

Institutional7 %

Major Shareholders

60 %

KASIK GA

Trading Symbols

Share price and marketability

Average Share Price 2006 € 1.07

Average Share Price 2007 € 2.40

Listing on the ATHEX date 30/08/1990

Average Daily Volume 2006

Average Daily Volume 2007

Outstanding Shares 37,296,000

15,563

90,643

Equity listing detailsEquity listing details

Market Cap (10/4/2008) € 59.7 Mio

Free Float33 %

39

A.KALPINIS-N.SIMOS S.A. vs ATHEX

Share EvolutionShare Evolution

KASIK GA vs ATHEX1990-2007

KASIK GA. vs ATHEX2003-2007

KASIK GA. vs ATHEX1999-2007

KASIK GA. vs ATHEX01/01/2007-05/11/2007

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

30/8

/199

03/

7/19

9123

/4/1

992

9/2/

1993

24/1

1/19

9312

/9/1

994

29/6

/199

517

/4/1

996

4/2/

1997

24/1

1/19

9714

/9/1

998

2/7/

1999

17/4

/200

01/

2/20

0116

/11/

2001

12/9

/200

27/

7/20

0326

/4/2

004

31/1

/200

57/

11/2

005

28/8

/200

614

/6/2

007

3/4/

2008

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

VOLUME ATHEX A.KALPINIS- N.SIMOS

0

50

100

150

200

250

300

350

400

450

500

4/1/

1999

1/6/

1999

21/1

0/19

9915

/3/2

000

7/8/

2000

28/1

2/20

0025

/5/2

001

16/1

0/20

0111

/3/2

002

9/8/

2002

3/1/

2003

3/6/

2003

23/1

0/20

0319

/3/2

004

11/8

/200

428

/12/

2004

18/5

/200

55/

10/2

005

24/2

/200

625

/7/2

006

13/1

2/20

0611

/5/2

007

2/10

/200

722

/2/2

008

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000


0

50

100

150

200

250

300

350

400

450

2/1/

2003

14/3

/200

32/

6/20

0312

/8/2

003

22/1

0/20

037/

1/20

0418

/3/2

004

2/6/

2004

10/8

/200

418

/10/

2004

27/1

2/20

048/

3/20

0517

/5/2

005

26/7

/200

54/

10/2

005

13/1

2/20

0523

/2/2

006

12/5

/200

624

/7/2

006

3/10

/200

612

/12/

2006

26/2

/200

710

/5/2

007

20/7

/200

71/

10/2

007

10/1

2/20

0721

/2/2

008

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000


0

20

40

60

80

100

120

140

160

180

200

220

240

2/1/

2007

16/1

/200

730

/1/2

007

13/2

/200

728

/2/2

007

14/3

/200

728

/3/2

007

13/4

/200

727

/4/2

007

14/5

/200

729

/5/2

007

12/6

/200

726

/6/2

007

10/7

/200

724

/7/2

007

7/8/

2007

22/8

/200

75/

9/20

0719

/9/2

007

3/10

/200

7

17/1

0/20

07

31/1

0/20

07

14/1

1/20

07

28/1

1/20

07

12/1

2/20

07

28/1

2/20

0714

/1/2

008

28/1

/200

811

/2/2

008

25/2

/200

813

/3/2

008

1/4/

2008

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000


1 Key IssuesBusiness OverviewKey Investment HighlightsIndustry OverviewBusiness StrategyInvestment ThesisFinancial Overview

Appendix81

2

3

4

5

6

7

41

Consolidated Income StatementConsolidated Income Statement

Source: Annual Financial Statements

KEY FIGURES OF INCOME STATEMENT (in 000 €) 2005 2006

Turnover 128,086 150,440Gross Profit 14,865 24,863EBITDA 7,169 15,260EBIT 5,561 13,761EBT 4,312 11,496EATAM 1,813 6,210

PROFIT MARGINS (%) 2005 2006

Gross Profit 11.6% 16.5%EBITDA 5.6% 10.1%EBIT 4.3% 9.1%EBT 3.4% 7.6%EATAM 1.4% 4.1%

FIGURES EVOLUTION (%) 2005 2006

Turnover -1.6% 17.5%Gross Profit -39.0% 67.3%EBITDA -54.3% 112.9%EBIT -61.1% 147.5%EBT -67.2% 166.6%EATAM -80.7% 242.6%

2007

189,34529,71219,69617,93613,7959,557

2007

15.7%10.4%9.5%7.3%5.0%

2007

25.9%19.5%

29.1%30.3%20.0%53.9%

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Consolidated Balance SheetConsolidated Balance Sheet


(in 000 €)(in 000 €) 31/12/200731/12/200731/12/200531/12/2005 31/12/200631/12/2006

ASSETS

Non Current Assets 5546 52

Current Assets 150113 130

Total Assets 205159 182

LIABILITIES

Long Term Bank Liabilities 3337 30

Short Term Banks 4818 41

Other Short Term Liabilities 2017 18

EQUITY 9984 91

Total Equity & Liabilities 205159 182

Other Long Term Liabilities 53 2

43

Consolidated Cash FlowsConsolidated Cash Flows


(in 000. €) (in 000. €) 20052005 20062006

Cash Flows from operating activities -4,721 -7,437

Cash Flows from investing activities -5,037 -7,459

Cash Flows from financing activities 5,252 14,796

FY Cash Flows (increase / decrease cash) -4,505 -101

20072007

-2,181

-3,943

6,001

-123

44

Disclosure StatementDisclosure StatementSome of the information in this presentation contains forward-looking statements within the meaning of securities laws. All forward-looking statements address matters that involve risk and uncertainties and there are many important risks. uncertainties and other factors that could cause the Company’s actual results, as well as those of the markets the Company serves, levels of activity, performance, achievements and prospects to differ materially from the forward-looking statements contained in this document. Further details of potential risks and uncertainties affecting KALPINIS SIMOS Group are described in the KALPINIS-SIMOS filings with the Athens Stock Exchange. These forward-looking statements speak only as of the date of this presentation.

The Company undertakes no obligation to publicly update or review any forward-looking statements. whether as a result of new information, future developments or otherwise.

45

Company ContactsCompany Contacts

A. Kalpinis - N. Simos S.A. Dillistirion Ave., Ag. Ioannis,

19300 Aspropyrgost. +30 210 5515000, f. +30 210 5515015

[email protected]

A. Kalpinis - N. Simos S.A. Dillistirion Ave., Ag. Ioannis,

19300 Aspropyrgost. +30 210 5515000, f. +30 210 5515015

[email protected]

Athanasios KalpinisC.E.O.

Τel. +30 2105515000e-mail: [email protected]

Athanasios KalpinisC.E.O.

Τel. +30 2105515000e-mail: [email protected]

Vasilis ManesisI.R.O.

Tel.+30 2105515000e-mail: [email protected]

Vasilis ManesisI.R.O.

Tel.+30 2105515000e-mail: [email protected]

Thank youThank you

COMPANY PRESENTATION - ELASTRON · Leading Steel Processor and Reseller of steel products in Greece...

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