2 Contents Page 1. Message from the Chairman of the Board of Directors 3 2. VIOHALCO S.A Steel Operations Copper Operations Aluminium Operations Real Estate Development Operations 59 The wood used to produce pulp for the paper of this document comes from Sustainable Management forests and plantations.
3 A N N U A L R E P O R T At a glance Activities VIOHALCO is the holding company of the largest Greek metals processing group. VIOHALCO, directly or indirectly, participates in over 90 companies, which operate in the fields of Steel and Steel Pipes production, Copper and Titanium-zinc processing, as well as Aluminium and Cables manufacture. The installed production base of the Group outside Greece, includes plants and warehouses in Bulgaria, Romania, the United Kingdom, FYROM and Russia. Over 70% of the consolidated turnover of VIOHALCO is realized in markets outside Greece. The total exports of the companies of VIOHALCO represent approximately 10% of total Greek exports. Through its subsidiary NOVAL, VIOHALCO is also active in real estate development. Amounts in million Euro Turnover Total Assets Earnings before taxes Equity Ί
4 V I O H A L C O S. A.
5 A N N U A L R E P O R T 1. Message from the Chairman of the Board of Directors 2008 was marked with an unprecedented crisis in the international financial system, which had an inevitable impact on the markets and global economy. During most of the year, the prices of metals, oil and natural gas, as well as of raw materials in general, remained dramatically high, having a simultaneous effect on production costs and working capital. On the contrary, in late 2008, the international economic recession forced such prices to much lower levels, while at the same time, global economic development was slowed down, investment in the construction sector and building activity were reduced, all these leading to an inevitable impact on the activity and results of the companies of VIOHALCO. The consolidated turnover of VIOHALCO, in the fiscal year 2008, amounted to Euro 3,764 million, a 2% increase compared to Euro 3,683 million in Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to Euro million, reduced by 53% compared to Euro 394 million in Respectively, the consolidated earnings before taxes, in 2008, dropped significantly, amounting to losses equal to Euro 34.6 million, compared to profits equal to Euro 210 million in Finally, net consolidated earnings after taxes and minority interests, amounted to losses equal to Euro 11.3 million (or Euro per share), compared to profits equal to Euro 83.9 million in 2007 (or Euro per share). The subsidiaries results were adversely affected by the global recession, which in addition to a significant reduction in gross margins, also resulted in a rapid drop in metal prices in the fourth quarter, thus forcing the companies to make a one-off devaluation of inventories, amounting to a total of Euro million, equally charging 2008 results. It should also be noted that the consolidated net debt dropped significantly by Euro 321 million in the fourth quarter, amounting at the end of 2008, to Euro 1,114 million, as a result of the drop in metal prices in the same period and the efforts made by the VIOHALCO companies to optimize their working capital management. As for VIOHALCO S.A., its earnings before taxes in 2008 amounted to Euro 33.2 million, compared to Euro 73.1 million in Finally, its net profits after taxes amounted to Euro 32.1 million (or Euro per share), compared to Euro 71.5 million in 2007 (or Euro per share). The Company s Board of Directors has proposed to the Annual General Meeting of Shareholders a distribution of a dividend amounting to Euro 0.06 per share. The Companies management, responding quickly to international developments, proceeded with an overall reorganization of their strategic plans. However, they have adhered to their main goal of implementing their investment plans. Total investment expenditures of the VIOHALCO subsidiaries reached Euro million in 2008, compared to Euro 216 million in 2007.
6 In the steel sector, the SIDENOR Group increased its sales by 23% as a result of a rise in volumes and selling prices, as well as due to the commencement of the operation of the new rolling mill of the Bulgarian subsidiary STOMANA INDUSTRY. The SIDENOR Group s investment plan, included investments amounting to Euro 73 million, aiming at increasing the productivity and expanding the production capacity of the parent company and its subsidiaries plants. The state-of-the-art new rolling mill of STOMANA INDUSTRY, which started its operation in the first quarter of 2008 and has cost Euro 80 million, is a fundamental part of that plan. With this new unit, the subsidiary s production capacity for long products, increased to 1,000,000 tons annually. In the aluminium sector, the ELVAL Group s sales dropped by 7.9%, due to a significant reduction in the demand for aluminium products in the second half of the year. In 2008, the ELVAL Group spent a total of Euro 73.8 million for the implementation of its investment plan, which focused on upgrading the ELVAL production plant at Oinofyta, upgrading the ETEM plants and installing a new rolling mill for the SYMETAL subsidiary. In the copper and zinc sector, the consolidated turnover of HALCOR dropped by V I O H A L C O S. A.
7 A N N U A L R E P O R T 12.4%, due to the increased ratio of brass products to total sales and a significant drop in the prices of copper and zinc. In 2008, the HALCOR Group continued with the implementation of its investment plan for the upgrade and expansion of its production plants, with the relevant expenditures amounting to a total of Euro 47.1 million; of that amount, Euro 19.8 million were for the parent company s production plant at Oinofyta, Euro 15.1 million for investment at the SOFIA MED subsidiary and Euro 12.2 million were related to investments for HELLENIC CABLES S.A. In the real estate development sector, VIOHALCO continued the commercial development of its fixed assets in Within that framework, the leasing of a property at Kifissos Avenue, Aigaleo, where the second IKEA store in Attica, is already in operation, was completed and construction work is still going on, both on that property and a property at Kifissias Avenue. Finally, a property was purchased in the Municipality of Amarousion, in 2008, as part of these activities. As regards environmental protection, the companies of VIOHALCO proved their strict
8 commitment again, by being very active in copper, aluminium and steel scrap recycling, thus making a significant contribution towards the preservation of energy and natural resources and by developing integrated environmental protection programs, in the production plants of all companies. VIOHALCO is and will always be committed to Sustainable Development and the application of its principles. Contributing to the promotion of Sustainable Development principles, VIOHALCO took part in an initiative of the Hellenic Federation of Enterprises (SEV), which led to the establishment of the SEV COUNCIL FOR SUSTAINABLE DEVELOPMENT, in 2008, which is a member of the WORLD BUSINESS COUNCIL FOR SUSTAINABLE DEVELOPMENT. Such fundamental principles as Occupational Safety and Health and Environmental Protection are cornerstones of our operation. Within that framework, the companies of VIOHALCO keep proving their commitment, through ongoing investment in environmental protection plans and health & safety measures for their personnel. Adapting to the new circumstances, resulting from the unprecedented financial crisis, our subsidiaries have placed great emphasis on ensuring an even more effective management of working capital, reducing loans, creating more positive cash flows, V I O H A L C O S. A.
9 A N N U A L R E P O R T improving production cost, developing higher added value products that are subject to low substitution all these in the light of reduced energy costs and interest rates. Taking into account the current unprecedented and highly volatile and adverse conditions, VIOHALCO remains focused on the realization of its strategy and expects reinforcement of its position, once recovery sets and a further penetration not only in markets where it is already active, but also in new ones. Nikolaos M. Stassinopoulos Chairman of the Board of Directors 7
10 VIOHALCO was established in 1937 and its shares have been listed on the Athens Stock Exchange since 1947 VIOHALCO* STEEL SECTOR COPPER SECTOR ALUMINIUM SECTOR SIDENOR* 64,93% HALCOR* 55,59% ELVAL* 65,88% REAL ESTATE DEVELOPEMENT SECTOR NOVAL 100% CORINTH PIPEWORKS* 78,55% SOVEL 62,56% HELLENIC CABLES* 78,72% ICME ECAB 98,59% ΕΤΕΜ* 58,78% BRIDGNORTH ALUMINIUM 100% STOMANA INDUSTRY** 100% SOFIA MED 100% * Listed on the Athens Stock Exchange **Data: 31/12/2008 V I O H A L C O S. A.
11 A N N U A L R E P O R T. VIOHALCO S.A. Activities VIOHALCO is the holding company of the largest Greek metals processing group. Through its direct or indirect participation in over 90 companies, in Greece and abroad, it operates in the fields of Steel, Copper and Aluminium production and trade, as well as in real estate development. VIOHALCO was established in 1937 and its shares have been listed on the Athens Stock Exchange since Its main subsidiaries are SIDENOR and CORINTH PIPEWORKS in the Steel sector, HALCOR and HELLENIC CABLES in the Copper sector and ELVAL and ETEM in the Aluminium sector. All the above companies have a substantial production base and an extensive commercial presence and their shares are traded on the Athens Stock Exchange. Through its subsidiary NOVAL, VIOHALCO is also active in real estate development, in an effort to ensure a more effective development of its real estate. Subsidiary Structure At an operational level, the organizational structure of VIOHALCO and its subsidiaries ensures the independent operation of three subgroups of companies, which are active in Steel, Copper and Aluminium processing and trade, with SIDENOR, HALCOR and ELVAL being the respective leaders in their field, whereas the leader in real estate development is NOVAL. In addition, the increased interaction between all companies, allows for the development of meaningful synergies in such areas as the procurement of raw materials, market research, technical support, banking relations, foreign exchange risk hedging and legal support. The above services are provided by an executive team for all VIOHALCO companies. International presence The VIOHALCO subsidiaries activities are marked with a highly extrovert business orientation, with a significant production presence outside Greece. The installed production base of the Group outside Greece includes plants and warehouses in Bulgaria, Romania, the United Kingdom, FYROM and Russia. Through such units, the companies can have direct access to local markets, while at the same time retain a substantial competitive advantage when producing in countries, adjacent to their target markets. 70% of its consolidated turnover is generated outside Greece
12 In addition, the pioneering technological solutions, the high quality characteristics and the expanded and integrated range of products, have laid the foundation for the successful commercial presence of the VIOHALCO companies in over 60 countries, with 70% of their consolidated turnover being generated abroad. Investments With total investments in excess of Euro 1.3 billion in the last ten years, the companies of VIOHALCO have really proved their commitment to the ongoing upgrade and expansion of their production base. The extensive investment plans that have been, or are being, implemented by the companies, ensure a significant advantage at a production level and keep supporting increased production capacity, improvement of productivity and modernization, effective and safe operation, environmental protection, a high quality level and a flexible range of manufactured products. The VIOHALCO subsidiaries spent a total of Euro million for their investment plans in 2008, compared to Euro 216 million in The total investments realized in the fiscal year 2008 are broken down, per activity, as follows: AMOUNTS IN MILLION EURO Investments in Steel activities 78.0 Investments in Copper activities 47.5 Investments in Aluminium activities 83.9 Investments in Real Estate 27.5 Investments in other activities 4.5 Total Research In view of the subsidiaries focus on ongoing technological development, VIOHALCO proceeded with the establishment of the Hellenic Metals Research Center (ELKEME). ELKEME carries out research on new production methods, as well as monitors the performance of end-products. Its staff comprises of highly skilled scientists and its facilities are fully equipped with state-of-the-art research equipment. 1 V I O H A L C O S. A.
13 A N N U A L R E P O R T Total investments implemented in ELKEME, until 2008, have reached almost Euro 3.7 million. Its performance is considered very satisfactory and is fully reflected on the numerous benefits that have arisen, both at the production level, as well as the development of new products. Protecting the Environment - Recycling All VIOHALCO subsidiaries consider environmental protection as a nonnegotiable value and have incorporated actions for reducing their environmental footprint in their operations. In view of the above, the Environmental Management Systems of most plants have been certified according to the EMAS and ISO standards, whereas relevant certification procedures are under way in the rest. The Environmental Management Systems of most of its plants, are certified according to the EMAS & ΙSO standards, whereas relevant certification procedures are under way in the rest of them. 11
14 Recycling Operations in the Steel Products Sector SIDENOR Group is the largest steel scrap recycler in Greece and one of the largest in the Balkans, as it recycles more than 2.4 million tons annually. Moreover, its subsidiary AEIFOROS S.A., helps further reduce the environmental impact of the plants of the SIDENOR Group and other VIOHALCO companies, by recycling or utilizing the by-products arising from their production process. AEIFOROS recycles the by-products arising from the production process of the SIDENOR Groups companies and other VIOHALCO companies. HALCOR Group companies recycle significant quantities of copper scrap annually, in an environmentally friendly manner. Recycling Operations in the Copper Products Sector As a token of their commitment to improve their environmental performance, the HALCOR Group companies recycle significant quantities of copper scrap annually, in an environmentally friendly manner. Copper recycling helps save 50% of the energy required for the production of primary copper, which results in obvious benefits, related to the reduction of greenhouse gases emitted globally. Furthermore, all production plants use special anti-pollution technology systems to minimize environmentally harmful emissions and the company has developed an extensive plan for monitoring environmental parameters to ensure environmental protection. Recycling Operations in the Aluminium Products Sector ELVAL is one of the largest aluminium recyclers in Greece. Aluminium recycling is hi- 1 V I O H A L C O S. A.
15 A N N U A L R E P O R T ghly environmental-friendly and contributes to a reduction in the emission of greenhouse gases, as it saves 95% of the energy required for the production of primary aluminium. Aiming at applying an integrated and total approach on recycling, ELVAL has set up the Aluminium Can Recycling Center (CANAL S.A.) in Marousi. The Center can accept an annual quantity of 2,800 tons of used aluminium cans, which are processed and then forwarded to the ELVAL plant at Oinofyta for recasting. The center operates as a communication base, where organizations, social groups, schools, enterprises and private persons are informed on the process and benefits of recycling. Aluminium recycling makes a The Aluminium Can Recycling Center (CANAL) can accept 2,800 tons of used aluminium cans per year, which are then processed. 1
16 substantial contribution towards the preservation of natural resources and the state-of-the-art methods used in production, ensure that recycling is accompanied by suitable environmental protection measures, as well as, that the quality level of the aluminium produced is the same as that of primary aluminium. ELVAL has developed an extensive and effective environmental management plan, including pollution prevention measures, the setting up of mechanisms for the improvement of existing and the creation of new infrastructure, aimed at preserving natural resources and reducing its environmental impact. 1 V I O H A L C O S. A.
17 A N N U A L R E P O R T Commitment to Sustainable Development VIOHALCO S.A., as a founding member of the SEV COUNCIL FOR SUSTAINABLE DEVELOPMENT, has adopted the Code of Principles for Sustainable Development and is committed to the following: 1. To respect the Sustainable Development principles and incorporate them in its decision-making processes. 2. To promote the adoption of environmentally correct and scientifically well-grounded methods for the planning of its activities. 3. To be oriented to the manufacture of products and the provision of services having positive environmental impacts. 4. To promote the application of production processes focusing on recycling, preservation of natural resources and correct waste management. 5. To train and educate its human resources properly and invest in natural, technological and economic resources, with a view to sustainable development. 6. To promote an ongoing improvement of its performance in the areas of safety & health and environmental protection. 7. To provide correct information on its activities to the authorities and the society in general and pursue honest dialogue with anybody affected by them. 8. To contribute to the social, cultural and overall economic development of the communities living in its operating regions. 9. To adopt the implementation of modern corporate governance systems. 10. To fulfill its legal obligations consistently, in a spirit of transparency and business ethics. 1
18 VIOHALCO Consolidated Key Financials At the end of 2008, the international economic recession caused rapid negative changes in metal prices and put great pressure on the profit margins of the global metals industry. Within that framework, consolidated turnover in 2008 amounted to Euro 3,763 million, a 2.2% increase compared to Euro 3,683 million in Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to Euro million, reduced by 53.6%, compared to Respectively, consolidated earnings before taxes in 2008 dropped significantly, amounting to losses equal to Euro 34.6 million, compared to profits equal to Euro 210 million in Finally, net consolidated earnings after taxes and minority interests amounted to losses equal to Euro 11.3 million Euro Copper Products 29% Consolidated Turnover ,4% ,5% 2,2% 2008 Consolidated Sales Analysis 2008 Other 3% Aluminium Products 23% Steel Products 45% 1 V I O H A L C O S. A.
19 A N N U A L R E P O R T million (or Euro per share), compared to profits equal to Euro 83.9 million in 2007 (or Euro 0.43 per share). It should be noted that the above results, in addition to the significant reduction in gross margins, also include one-off devaluations of the VIOHALCO subsidiaries inventories, amounting to Euro million, due to the drop of metal prices, with an equal sum charged to the 2008 results. It should also be noted that the consolidated net debt dropped by Euro 321 million in the fourth quarter, amounting now to Euro 1,114 million, as a result of the drop of metal prices in the same period and the efforts made by the companies of VIOHALCO to optimize their working capital management. 17
20 Consolidated Key Financials (amounts in Euro thousand) Turnover 3,274,356 3,683,329 3,763,456 Gross profit 501, , ,397 Earnings before interest, taxes, depreciation and amortization 404, , ,527 Earnings before interest and taxes 281, ,956 49,238 Profits/Losses before taxes 226, ,950-34,582 Profits/Losses after taxes and minority interest 113,153 83,958-11,307 Financials Development (%) Turnover 40.4% 12.5% 2.2% Gross profit 63.3% 0.0% -36.7% Earnings before interest, taxes, depreciation and amortization 84.6% -2.7% -53.6% Earnings before interest and taxes 173.3% -5.1% -81.6% Profits/Losses before taxes 282.1% -7.5% n/a Profits/Losses after taxes and minority interest 459.6% -25.8% n/a Amounts in million Euro 600 Consolidated Financial Results Profit Margins % 12% 9% 7% 3% 14% 11% 7% 6% 2% 1% 5% 8% Earnings before taxes & minority rights Earnings before taxes Earnings before taxes & interest Profits before interest & taxes / (EBIT) Turnover Earnings after taxes and minority rights Earnings before taxes Earnings before interest & taxes Earnings before interest, taxes & depreciation (EBITDA) Gross profit 18 V I O H A L C O S. A.
21 A N N U A L R E P O R T Profit Margins (%) Gross profit 15.3% 13.6% 8.4% Earnings before interest, taxes, depreciation and amortization 12.4% 10.7% 4.8% Earnings before interest and taxes 8.6% 7.2% 1.3% Profits/Losses before taxes 6.9% 5.7% n/a Profits/Losses after taxes and minority interest 3.5% 2.3% n/a Consolidated Balance Sheet Data (amounts in Euro thousand) ASSETS Non-current assets 1,832,241 1,918,949 2,011,568 Inventories 842, , ,329 Trade and other receivables 763, , ,493 Other assets 278, , ,716 TOTAL ASSETS 3,716,604 4,014,417 3,873,106 EQUITY AND LIABILITIES Long term liabilities 1,102,235 1,105, ,760 Short term banking liabilities 445, , ,666 Other short term liabilities 391, , ,024 TOTAL LIABILITIES 1,939,663 2,038,880 2,104,450 Shareholders equity 1,089,111 1,228,470 1,168,349 Minority Interest 687, , ,306 TOTAL EQUITY 1,776,941 1,975,536 1,768,655 TOTAL EQUITY AND LIABILITIES 3,716,604 4,014,417 3,873,106 Consolidated Cash Flows (amounts in Euro thousand) Operating Activities 95, , ,651 Investment Activities 4,353-92, ,605 Financing Activities 50,127 71,892-79,972 Total Cash flows 150,395 91,896-86,927 Cash & cash equivalents, beginning of period 83, , ,606 Cash & cash equivalents, end of period 233, , ,679 1
22 Group Financial Ratios LIQUIDITY General liquidity Times Special liquidity Times ACTIVITY Asset Turnover Ratio Days Accounts Receivable turnover ratio Days Accounts Payable turnover ratio Days VIABILITY Coverage of Financial Expenses Times Debt/Equity Times RETURN Return on equity (R.O.E.) % 6.4% 4.2% -0.6% Return on assets (R.O.A.) % 3.0% 2.1% -0.3% Dividend per share Euro Number of Shares: 199,474,091 Share Symbols: ΒΙΟΧΚ (ΧΑ) VIO.AT (REUTERS) BIOX GR (BLOOMBERG) VIOHALCO Board of Directors The VIOHALCO Board of Directors comprises of the following members: NIKOLAOS STASSINOPOULOS IOANNIS FIKIORIS EVANGELOS MOUSTAKAS ZACHARIAS CHATZIPANAGIOTOU GEORGIOS GONDIKAS ATHANASIOS PAPASPIROU CHARALAMBOS METAXOPOULOS GEORGE ROSENFELD JEAN-PIERRE DE LAUNOIT CHAIRMAN / EXECUTIVE MEMBER VICE CHAIRMAN / NON EXECUTIVE MEMBER EXECUTIVE MEMBER INDEPENDENT NON EXECUTIVE MEMBER INDEPENDENT NON EXECUTIVE MEMBER NON EXECUTIVE MEMBER NON EXECUTIVE MEMBER NON EXECUTIVE MEMBER NON EXECUTIVE MEMBER 20 V I O H A L C O S. A.
23 A N N U A L R E P O R T. Steel Operations SIDENOR Activities The SIDENOR Group is VIOHALCO s production, processing and trade arm for steel products. Through an extensive production base with plants in Greece and abroad, the SIDENOR Group offers a complete range of products including, among other things, concrete reinforcing steel, mesh products, steel tubes, hollow structural sections, wires and welding electrodes. The Group s main areas of activity are outlined below: Mini-mills; Pipes, Tubes and Hollow Sections; Downstream operations and Sales and Distribution. SIDENOR shares have been traded on the Athens Stock Exchange since Products By focusing on the development and marketing of pioneering products with top quality characteristics, the SIDENOR Group has a complete range of products, which meet even the strictest specifications of its customers, both in Greece and abroad. 1
24 V I O H A L C O S. A.
25 A N N U A L R E P O R T SIDENOR products and those of its subsidiaries can be classified into the following major categories: Integrated SD Reinforcing System: Merchant bars: Wire Rod: Steel Pipes Hollow Structural Sections (HSS): Hot Rolled Flat Products: Other products: SD Concrete Reinforcing Steel, SD Stirrup Reinforcing Mesh, SIDEFIT Special Mesh, SD Wire Mesh, SIDEFOR Prefabricated Stirrup Cages, INOMIX Steel Fibers, Lattice Girders. Hot-Rolled Square Bars, Hot-Rolled Flat Bars of rectangular cross-section, Hot-Rolled Round Bars of circular crosssection, Hot-Rolled Equal Angle Bars with round edge, I-section Beams (IPE), UPN Channels SIDENOR s wire rod meets all low-carbon wire production needs. Steel Pipes of Medium and Large Diameter, Steel Pipes of Small Diameter, Steel Pipes for Construction Purposes Hollow Structural Sections (HSS). Steel Sheets or Plates. Double-Twist Hexagonal Mesh Wire Products (galvanized and black), Welding Products, Special Steels, Steel Balls, Special Profiles, Metallurgical Byproducts Processing. Production Facilities With a strong production base, which includes plants in Thessaloniki, Almyros, Kilkis, Halkida, Thiva, Thisvi, Pernik in Bulgaria, Nikolic in FYROM and Polevskoy in Russia, the SIDENOR Group is one of the largest steel products manufacturers in Southeast Europe. At the same time, the fully vertical structure of the Group s production activities, guarantees total control of the top quality of the products and ensures an important competitive advantage at a cost level. The new state-of-the-art long products mill of STOMANA INDUSTRY began its operation in Pernik in 2008, increasing the annual long products production SIDEFOR products include prefabricated 3D elements (cages) used as transverse reinforcement in columns, beams and walls.
26 Categories Units Products Production capacity Meltshops SIDENOR, SOVEL, STOMANA INDUSTRY billets, slabs, blooms tons. * Long Products Rolling Mills Line Pipe and Hollow Structural Sections Production SIDENOR, SOVEL, STOMANA INDUSTRY, DOJRAN STEEL CORINTH PIPEWORKS, ΖΑΟ ΤΜΚ CPW, SOVEL, VΕΤ, PROSAL, PROSAL TUBES concrete reinforcing SD bars, hot rolled products, wire mesh and reinforcement steel cages, merchant bars, wire rod line pipes for oil, gas, natural gas, water and construction, hollow structural sections for constructions tons* approx tons Plate Mill STOMANA INDUSTRY, SOVEL plates tons Downstream Operations ERLIKON, SOVEL, DEPAL, ETAL, AEIFOROS, TEPROSTEEL * After the completion of already announced investments wire products, concrete reinforcing mesh, concrete reinforcing steel fibers, recycling plant for steel byproducts, cold finishing plant for production of special and bright steels tons capacity of STOMANA INDUSTRY to 1,000,000 tons. Furthermore, in the SOVEL plant in Almyros, Magnesia, an investment plan is in progress, for the installation of a new stateof-the-art Compact Mill for steel long products. Upon completion, the above investment will increase the long products production capacity by 300,000 tons annually. Investments Having made the modernization and expansion of its production plants, a major parameter of its growth strategy, the SIDENOR Group has successfully implemented an extensive investment plan, amounting to more than Euro 607 million in the period In 2008, the Group s total investments reached almost Euro 73 million and were aimed mainly at increasing the production capacity of the plants, developing new production methods, further reducing costs and enhancing production efficiency, as well as V I O H A L C O S. A.
27 A N N U A L R E P O R T expanding the Group s range of products, with new pioneering high added value products. Key Financials The financial results of the SIDENOR Group were affected in 2008 and in the last quarter of the year in particular, by the consequences of the international financial crisis, which led to a reduction in investment in construction and a drop of metal prices globally. In view of the above, the consolidated turnover amounted to Euro 1,713 million, compared to 1,390 million in 2007, a 23.3% increase, due to the increase in volumes and selling prices and the operation of the new rolling mill of STOMANA INDUSTRY, which started operations in mid The Group s earnings before interest, tax, depreciation and amortization (EBITDA) amounted to Euro 140 million in 2008, compared to Euro million in 2007 and the net consolidated earnings after taxes and minority interests amounted to Euro 29.3 million, compared to Euro 91.6 million in The above decrease in the consolidated results was attributed to the sudden drop in the prices of steel and scrap, in the last quarter of the year, which caused a significant reduction in profit margins and forced the Group to devaluate its inventories at the end of the year, by Euro 60.3 million. million Euro Consolidated Turnover ,3% ,2% ,3% 2008
For Immediate Release February 15, 2004 HATZIOANNOU ANNOUNCES YEAR END RESULTS FOR 2003 Hatzioannou, the leading European group in the second skin manufacturing and retailing, announced its year-end 2003
ΤΕΙ ΚΑΒΑΛΑΣ ΣΧΟΛΗ ΤΕΧΝΟΛΟΓΙΚΩΝ ΕΦΑΡΜΟΓΩΝ ΤΜΗΜΑ ΗΛΕΚΤΡΟΛΟΓΙΑΣ ΠΤΥΧΙΑΚΗ ΕΡΓΑΣΙΑ ΜΕΛΕΤΗ ΦΩΤΟΒΟΛΤΑΙΚΟΥ ΠΑΡΚΟΥ ΜΕ ΟΙΚΙΣΚΟΥΣ ΓΙΑ ΠΑΡΑΓΩΓΗ ΗΛΕΚΤΡΙΚΗΣ ΕΝΕΡΓΕΙΑΣ ΜΕΣΗΣ ΤΑΣΗΣ STUDY PHOTOVOLTAIC PARK WITH SUBSTATIONS
GREECE BULGARIA 6 th JOINT MONITORING COMMITTEE BANSKO 26-5-2015 «GREECE BULGARIA» Timeline 02 Future actions of the new GR-BG 20 Programme June 2015: Re - submission of the modified d Programme according
ΠΑΝΕΠΙΣΤΗΜΙΟ ΠΕΙΡΑΙΑ ΤΜΗΜΑ ΝΑΥΤΙΛΙΑΚΩΝ ΣΠΟΥΔΩΝ ΠΡΟΓΡΑΜΜΑ ΜΕΤΑΠΤΥΧΙΑΚΩΝ ΣΠΟΥΔΩΝ ΣΤΗΝ ΝΑΥΤΙΛΙΑ ΝΟΜΙΚΟ ΚΑΙ ΘΕΣΜΙΚΟ ΦΟΡΟΛΟΓΙΚΟ ΠΛΑΙΣΙΟ ΚΤΗΣΗΣ ΚΑΙ ΕΚΜΕΤΑΛΛΕΥΣΗΣ ΠΛΟΙΟΥ ΔΙΠΛΩΜΑΤΙΚΗ ΕΡΓΑΣΙΑ που υποβλήθηκε στο
Pantelos Group of Companies Company Profile Η εταιρεία «ΤΕΧΝΗ Α.Ε.» ιδρύθηκε στην Ξάνθη, το 1988 µε αντικείµενο τις ηλεκτροστατικές βαφές µετάλλων. Με σταθερά ανοδική πορεία, καταφέρνει να επεκτείνει τις
Α.Τ.Ε.Ι. ΙΟΝΙΩΝ ΝΗΣΩΝ ΠΑΡΑΡΤΗΜΑ ΑΡΓΟΣΤΟΛΙΟΥ ΤΜΗΜΑ ΔΗΜΟΣΙΩΝ ΣΧΕΣΕΩΝ ΚΑΙ ΕΠΙΚΟΙΝΩΝΙΑΣ ΠΤΥΧΙΑΚΗ ΕΡΓΑΣΙΑ «Η διαμόρφωση επικοινωνιακής στρατηγικής (και των τακτικών ενεργειών) για την ενδυνάμωση της εταιρικής
DESIGN 02 ΤΑΥΤΟΤΗΤΑ Η Τσουμάνης ΑΒΕΕ ιδρύεται το 1983, με αντικείμενο την επίπλωση καταστημάτων. Μέσα στις δύο πρώτες δεκαετίες εξελίσσεται σε μια πλήρως καθετοποιημένη μονάδα, ικανή να προσφέρει ολοκληρωμένες
Τ.Ε.Ι. ΗΠΕΙΡΟΥ ΣΧΟΛΗ: ΔΙΟΙΚΗΣΗΣ ΚΑΙ ΟΙΚΟΝΟΜΙΑΣ ΤΜΗΜΑ: ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΗΣ ΚΑΙ ΕΛΕΓΚΤΙΚΗΣ ΘΕΜΑ: Επιπτώσεις που επιβάλλει το Νέο Σύμφωνο της Επιτροπής της Βασιλείας (Βασιλεία ΙΙ) για τις τράπεζες που δραστηριοποιούνται
ΕΘΝΙΚΟ ΜΕΤΣΟΒΙΟ ΠΟΛΥΤΕΧΝΕΙΟ ΣΧΟΛΗ ΑΓΡΟΝΟΜΩΝ & ΤΟΠΟΓΡΑΦΩΝ ΜΗΧΑΝΙΚΩΝ ΤΟΜΕΑΣ ΓΕΩΓΡΑΦΙΑΣ ΚΑΙ ΠΕΡΙΦΕΡΕΙΑΚΟΥ ΣΧΕΔΙΑΣΜΟΥ ΔΙΠΛΩΜΑΤΙΚΗ ΕΡΓΑΣΙΑ «Η ΕΞΕΛΙΞΗ ΤΗΣ ΠΟΛΗΣ ΤΗΣ ΚΑΛΑΜΑΤΑΣ ΜΕ ΕΠΙΚΕΝΤΡΟ ΤΟ ΙΣΤΟΡΙΚΟ ΤΗΣ ΚΕΝΤΡΟ»
Contents 1 Message from the Chief Executive Officer 3 2 SIDENOR Group 5 3 Strategy - Targets and Outlook 9 4 Activities 11 5 Milestones in the History of the Group 15 6 SIDENOR Group Products 17 7 SIDENOR
Η εταιρεία Λεωνίδας Ματθαίου µεταφέρει µια εµπειρία 41 χρόνων, συνεχίζοντας την πορεία που ξεκίνησε ο πατέρας του, Ιωάννης Ματθαίου, από το 1967, στον Πειραιά. Επανιδρύθηκε το 2008, µε νέες ιδέες και προϊόντα,
DEPARTMENT OF ELECTRICAL ENGINEERING, COMPUTER ENGINEERING AND INFORMATICS Το μελλοντικό Ευρωπαϊκό Ενεργειακό σύστημα: Υλοποίηση των ενεργειακών στόχων για το 2030 Dr. Andreas Poullikkas Chair and Associate
Aluminium Door Panels Pressed + Traditional + Inox Π Ι Σ Τ Ο Π Ο Ι Η Τ Ι Κ Α / C E R T I F I C A T E S Με σεβασμό στο περιβάλλον και τον άνθρωπο With respect for the human and the environment ΕΛΟΤ 1801
ΕΘΝΙΚΟ ΜΕΤΣΟΒΙΟ ΠΟΛΥΤΕΧΝΕΙΟ ΣΧΟΛΗ ΗΛΕΚΤΡΟΛΟΓΩΝ ΜΗΧΑΝΙΚΩΝ ΚΑΙ ΜΗΧΑΝΙΚΩΝ ΥΠΟΛΟΓΙΣΤΩΝ ΤΟΜΕΑΣ ΗΛΕΚΤΡΙΚΗΣ ΙΣΧΥΟΣ Προοπτικές Εναρμόνισης της Ελληνικής Αγοράς Ηλεκτρικής Ενέργειας με τις Προδιαγραφές του Μοντέλου
ΓΕΩΠΟΝΙΚΟ ΠΑΝΕΠΙΣΤΗΜΙΟ ΑΘΗΝΩΝ Τμήμα Αγροτικής Οικονομίας &Ανάπτυξης Πρόγραμμα Μεταπτυχιακών Σπουδών «Ολοκληρωμένη Ανάπτυξη και Διαχείριση του Αγροτικού Χώρου» Μεταπτυχιακή Εργασία: «Διερεύνηση των παραγόντων
Professional Tourism Education EΠΑΓΓΕΛΜΑΤΙΚΗ ΤΟΥΡΙΣΤΙΚΗ ΕΚΠΑΙΔΕΥΣΗ Ministry of Tourism-Υπουργείο Τουρισμού Need for Professional Tourism Education Η Ανάγκη για Επαγγελματική Τουριστική Εκπαίδευση Tourism:
ΣΧΟΛΗ ΔΙΟΙΚΗΣΗΣ ΚΑΙ ΟΙΚΟΝΟΜΙΑΣ ΗΡΑΚΛΕΙΟ ΠΤΥΧΙΑΚΗ ΕΡΓΑΣΙΑ ΟΙ ΕΠΙΜΟΡΦΩΤΙΚΕΣ ΑΝΑΓΚΕΣ ΣΤΙΣ ΕΠΙΧΕΙΡΗΣΕΙΣ ΤΟΥ ΔΗΜΟΥ ΗΡΑΚΛΕΙΟΥ ΑΔΑΜΑΚΟΠΟΥΛΟΥ ΑΝΔΡΙΑΝΗ ΔΗΜΗΤΡΟΥΛΑΚΗ ΑΡΙΣΤΕΑ ΗΡΑΚΛΕΙΟ 2013 ΣΧΟΛΗ ΔΙΟΙΚΗΣΗΣ ΚΑΙ ΟΙΚΟΝΟΜΙΑΣ
4 th SE European CODE Workshop 10 th 11 th of March 2011, Thessaloniki, Greece SESSION II: Best case Cogeneration project(s) in Greece Dimitris Miras Head of Thermo-electric Power Projects Dpt, ITA Group
HPL Door Panels Aluminium Press Door Panels ΙΝΟΧ Door Panels INOX Πάνελ Αλουμινίου Insect Screens PRESS Door Panels Πρεσσαριστά Πάνελ Αλουμινίου INOX Door Panels Insect Screens Αντικωνωπικές Σίτες Η εταιρεία
ΤΕΧΝΟΛΟΓΙΚΟ ΕΚΠΑΙΔΕΥΤΙΚΟ ΙΔΡΥΜΑ ΠΕΙΡΑΙΑ ΣΧΟΛΗΣ ΔΙΟΙΚΗΣΗΣ & ΟΙΚΟΝΟΜΙΑΣ ΣΧΟΛΗ ΤΟΥΡΙΣΤΙΚΩΝ ΕΠΙΧΕΙΡΗΣΕΩΝ ΠΤΥΧΙΑΚΗ ΕΡΓΑΣΙΑ Οι Ολοκληρωμένες Επικοινωνίες Μάρκετινγκ και η επίδρασή τους στη Συμπεριφορά του Καταναλωτή
UΓενικές Επισημάνσεις 1. Παρακάτω θα βρείτε απαντήσεις του Υπουργείου, σχετικά με τη συμπλήρωση της ηλεκτρονικής φόρμας. Διευκρινίζεται ότι στα περισσότερα θέματα οι απαντήσεις ήταν προφορικές (τηλεφωνικά),
Αρχιτεκτονικές και διακοσμητικές μελέτες, με λειτουργικό και σύγχρονο σχέδιασμό, βασισμένες στην μοναδικότητα του πελάτη. ΕΜΠΟΡΙΚΗ ΜΕΛΕΤΗ Ανάλυση των χαρακτηριστικών των προϊόντων και ένταξη του τρόπου
4 Πρόλογος Η παρούσα διπλωµατική εργασία µε τίτλο «ιερεύνηση χωρικής κατανοµής µετεωρολογικών µεταβλητών. Εφαρµογή στον ελληνικό χώρο», ανατέθηκε από το ιεπιστηµονικό ιατµηµατικό Πρόγραµµα Μεταπτυχιακών
Τμήμα Πολιτικών και Δομικών Έργων Πτυχιακή Εργασία: Τοπογραφικό διάγραμμα σε ηλεκτρονική μορφή κεντρικού λιμένα Κέρκυρας και κτιρίου νέου επιβατικού σταθμού σε τρισδιάστατη μορφή και σχεδίαση με AutoCAD
ΠΑΝΕΠΙΣΤΗΜΙΟ ΠΑΤΡΩΝ ΔΙΑΤΜΗΜΑΤΙΚΟ ΠΡΟΓΡΑΜΜΑ ΜΕΤΑΠΤΥΧΙΑΚΩΝ ΣΠΟΥΔΩΝ ΣΤΙΣ ΠΕΡΙΒΑΛΛΟΝΤΙΚΕΣ ΕΠΙΣΤΗΜΕΣ Ηλεκτροχημική εναπόθεση και μελέτη των ιδιοτήτων, λεπτών υμενίων μεταβατικών μετάλλων, για παραγωγή H2 Διπλωματική
Η «ΒΙΟΜΕΣ ΑΝΩΝΥΜΗ ΒΙΟΜΗΧΑΝΙΚΗ ΕΤΑΙΡΙΑ ΠΛΑΣΤΙΚΩΝ ΕΙΔΩΝ» ιδρύθηκε το 1982 και με την πάροδο των χρόνων έγινε μία από τις μεγαλύτερες εταιρίες στο χώρο της παραγωγής και εμπορίας πλαστικών ειδών στην Ελληνική
Integration of Renewable Energy Sources in the electricity market in Greece, within the crisis environment 2011 HWEA Wind Statistics Total installed MW per year 1626,5 1320,4 1154,6 996,0 748,9 849,5 602,5
ΑΝΑΠΤΥΞΗ ΚΑΙ ΕΦΑΡΜΟΓΗ ΠΟΛΙΤΙΚΗΣ ΟΛΟΚΛΗΡΩΜΕΝΗΣ ΔΙΑΧΕΙΡΙΣΗΣ ΥΔΑΤΙΚΩΝ ΠΟΡΩΝ ΣΕ ΜΙΑ ΥΔΡΟΛΟΓΙΚΗ ΛΕΚΑΝΗ ΜΕ ΤΗΝ ΕΦΑΡΜΟΓΗ ΜΙΑΣ ΔΗΜΟΣΙΑΣ ΚΟΙΝΩΝΙΚΗΣ ΣΥΜΦΩΝΙΑΣ ΣΤΗ ΒΑΣΗ ΤΩΝ ΑΡΧΩΝ ΤΗΣ AGENDA 21 ΚΑΙ ΤΩΝ ΚΑΤΕΥΘΥΝΣΕΩΝ
長 岡 工 業 高 等 専 門 学 校 研 究 紀 要 第 49 巻 (2013) 論 文 Web Department of Electronic Control Engineering, Nagaoka National College of Technology Performance Evaluation and Renewal of Department s Official Web Site
Entrepreneurship in Greece Antonis Tsiflis About GEM Global Entrepreneurship Monitor is the only project that monitors entrepreneurship worldwide over time 69 countries in 2012 Greece participating since
Η εταιρία Ν. Ζουμπούλης VIOBRASS δραστηριοποιείται από το 1972 στον σχεδιασμό και κατασκευή ειδών κιγκαλερίας. Παράγει κουρτνόβεργες, πόμολα επίπλων, χερούλια θυρών και εξωθύρων, κρεμάστρες και καλόγερους.
Νικολία Κ. Παπαδημητροπούλου ΟΙ ΕΠΙΠΤΩΣΕΙΣ ΤΗΣ ΟΙΚΟΝΟΜΙΚΗΣ ΚΡΙΣΗΣ ΣΤΗ ΘΕΡΑΠΕΙΑ ΤΩΝ ΝΕΦΡΟΠΑΘΩΝ. ΜΕΛΕΤΗ ΠΕΡΙΠΤΩΣΗΣ ΝΕΦΡΟΛΟΓΙΚΗ ΒΟΙΩΤΙΑΣ Α.Ε. ΚΑΙ ΜΤΝ ΓΝ ΛΙΒΑΔΕΙΑΣ ΚΑΛΑΜΑΤΑ 2013 ΤΕΙ ΚΑΛΑΜΑΤΑΣ Σχολή Διοίκησης
ΓΕΩΠΟΝΙΚΟ ΠΑΝΕΠΙΣΤΗΜΙΟ ΑΘΗΝΩΝ ΤΜΗΜΑ ΕΠΙΣΤΗΜΗΣ ΤΡΟΦΙΜΩΝ ΚΑΙ ΔΙΑΤΡΟΦΗΣ ΤΟΥ ΑΝΘΡΩΠΟΥ Πρόγραμμα Μεταπτυχιακών Σπουδών «Επιστήμη και Τεχνολογία Τροφίμων και Διατροφή του Ανθρώπου» Κατεύθυνση: «Διατροφή, Δημόσια
ΣΧΕΔΙΑΣΜΟΣ, ΚΑΤΑΣΚΕΥΗ ΚΑΙ ΕΠΙΠΛΩΣΗ ΦΑΡΜΑΚΕΙΩΝ ΤΜΗΜΑ ΣΧΕΔΙΑΣΜΟΥ ΤΜΗΜΑ ΠΑΡΑΓΩΓΗΣ Η ΕΤΑΙΡΕΙΑ Η εταιρεία, δραστηριοποιείται από το 1983, με αντικείμενο την μελέτη, το σχεδιασμό και την επίπλωση καταστημάτων.
ΔΙΑΤΜΗΜΑΤΙΚΟ ΠΡΟΓΡΑΜΜΑ ΜΕΤΑΠΤΥΧΙΑΚΩΝ ΣΠΟΥΔΩΝ ΣΤΗ ΔΙΟΙΚΗΣΗ ΕΠΙΧΕΙΡΗΣΕΩΝ Διπλωματική Εργασία ΘΕΜΕΛΙΩΔΗΣ ΚΛΑΔΙΚΗ ΑΝΑΛΥΣΗ ΤΩΝ ΕΙΣΗΓΜΕΝΩΝ ΕΠΙΧΕΙΡΗΣΕΩΝ ΤΗΣ ΕΛΛΗΝΙΚΗΣ ΑΓΟΡΑΣ Του ΚΩΣΤΟΥΛΗ ΔΗΜΗΤΡΙΟΥ ΤΟΥ ΒΑΣΙΛΕΙΟΥ
ΣΧΕΔΙΑΣΜΟΣ ΔΙΚΤΥΩΝ ΔΙΑΝΟΜΗΣ Η εργασία υποβάλλεται για τη μερική κάλυψη των απαιτήσεων με στόχο την απόκτηση του διπλώματος «Οργάνωση και Διοίκηση Βιομηχανικών Συστημάτων με εξειδίκευση στα Συστήματα Εφοδιασμού
SELF DIAGNOSIS METHOD Benefits from adopting an EMS Cost saving and improved management control, Compliance with legislation and good relations with stakeholders, Meeting customer expectations, Demonstration
ΑΝΑΠΤΥΞΗ ΣΕΝΑΡΙΩΝ ΒΕΛΤΙΣΤΟΠΟΙΗΣΗΣ ΤΗΣ ΔΙΑΧΕΙΡΙΣΗΣ ΚΑΙ ΤΗΣ ΥΔΡΟΗΛΕΚΤΡΙΚΗΣ ΠΑΡΑΓΩΓΗΣ ΤΟΥ ΥΔΡΟΣΥΣΤΗΜΑΤΟΣ ΤΟΥ ΠΟΤΑΜΟΥ ΝΕΣΤΟΥ ΑΝΑΠΤΥΞΗ ΣΕΝΑΡΙΩΝ ΒΕΛΤΙΣΤΟΠΟΙΗΣΗΣ ΤΗΣ ΔΙΑΧΕΙΡΙΣΗΣ ΚΑΙ ΤΗΣ ΥΔΡΟΗΛΕΚΤΡΙΚΗΣ ΠΑΡΑΓΩΓΗΣ
Features EIA standard colour-coding Non-Flame type available Low noise and voltage coefficient Low temperature coefficient range Wide precision range in small package Too low or too high ohmic value can
PROFESSIONAL PRODUCTS CATALOGUE FLAVORED PA R T N E R O F T H E P R O F E S S I O N A L C O M PA N Y P R O F I L E KORAKAKIS MUST was founded in 1996 by George N. Korakakis. Our company operates in the
Capacitors - Capacitance, Charge and Potential Difference Capacitors store electric charge. This ability to store electric charge is known as capacitance. A simple capacitor consists of 2 parallel metal
Νέες ρωγµές στην γερµανική ηγεµονία. (New rifts in the German hegemony) Μαυροζαχαράκης Εµµανουήλ Πολιτικός Επιστήµονας Mavrozacharakis Emmanouil Political Scientist Abstract Greek Η προσφυγική κρίση που
1 Avon is one of the world's largest direct sellers 2 Avon s History In 1886, David H. McConnell, a door to door salesman discovered that people were more interested in his incentive free samples of perfumes
Neapolis University HEPHAESTUS Repository School of Economic Sciences and Business http://hephaestus.nup.ac.cy Master Degree Thesis 2015 þÿ Ç»¹º ³µÃ ± : ÃÅ¼²» Ä Â þÿãå½±¹ã ¼±Ä¹º Â ½ ¼ ÃÍ½ Â þÿ±à Äµ»µÃ¼±Ä¹º