financial Statements I A68 Investors brief

3 General Manager s Message I 7 The Company I 7 Vision and Mission I 7 OurValues 11 Our products I 11 The markets I 11 The raw material I 11 The manufacturing process I 13 Product quality I 13 Investment I 15 Real Estate I 15 Human Resources I 17 Environment I 19 Aluminium can recycling and social contribution I 25 Analysis of the 2007 Financial Statements I 29 Investment in subsidiaries I 30 Subsidiaries results 37 Strategy-Goals-Prospects I 40 The Company s Board of Directors and Management 43 Notice of Annual General Meeting to Shareholders I A1 Board of Directors Reports and financial Statements I A68 Investors brief

The year 2007 at a glance

The year 2007 at a glance Sales: Euro980 million Deliveries:281thousand tons Personnel: 2,294 persons Basic products: Aluminium rolled and extruded products Exports: 83% of the sales, of a value of Euro813 million, were sold in 61countries, mainly in the 27 EU countries. Investments: Euro 48.1 million Depreciation and Amortization: Euro 46.3 million Cash and Cash Equivalents: Euro 28.5 million Total liabilities: Euro 476 million Net equity: 567 million million Euro 1000 900 800 700 600 500 400 300 200 100 0 668 706 860 2004 2005 2006 2007 million Euro 980 100 90 80 70 60 50 40 30 20 10 0 84 88 77 67 26 30 31 16 2004 2005 2006 2007 Sales EBIDTA Profits Before Taxes

Sales amounted to 196 thousand tons, of a value of Euro 611 million, a 10.75% increase. ANNUAL REPORT 2007 2

1. General Manager s Message Dear shareholders and partners, In 2007 all ELVAL figures followed a rising course. Its sales amounted to 196 thousand tons, of a value of Euro 611 million, a 10.75% increase. Most of our products were sold in EU countries, but we still sell, decreasing quantities, to dollar countries despite the adverse development in the Euro/Dollar exchange rate. The continued achievement of satisfactory prices in the European markets, the improved product mix, the increased sales volume and the increase in the productivity of our plant in Inofita led to a 30% rise in earnings before taxes to Euro 24 million, and thus we propose a dividend equal to Euro 0.05, a 25% increase. The production of our plant rose to 191 thousand tons, a quantity reduced compared to 2006, but with improved product mix, resulting to the full utilization of the manufacturing capacity this year too. Apart from the improved product mix, new products were also developed, the most important one being coils used for heat exchangers in the automotive industry (Brazing) thanks to the know-how acquired through our cooperation with the Japanese firm Furukawa Sky Aluminium, with which we have jointly established the company AFSEL to promote such products. BRIDGNORTH ALUMINIUM, our subsidiary in England, improved its performance substantially. Its sales rose by 16% amounting to 57 thousand tons, 49 of them being lithography coils, a top quality specification product which is growing rapidly. Finally, at a consolidated level, the Group s sales amounted to Euro 980 million, a 14% increase, and its gross profits amounted to Euro 90 million, a 18% increase. The earnings before taxes rose by 4% amounting to Euro 31 million, as they were affected by the higher general and financial expenses of our subsidiary ETEM. Capital expenditure of Euro 48.1 million was realized in 2007. In Inofita we purchased adjacent area of land to expand the plant. And the two-year investment plan which is under way, is expected to go into operation gradually, starting from the last quarter of 2008 until its completion in late 2009. Upon completion, it will increase our capacity E L V A L H E L L E N I C A L U M I N I U M I N D U S T R Y S. A. 3

To manage our inventories and decrease our production cycle, we are implementing a state-ofthe-art computer production planning system. ANNUAL REPORT 2007 4

to 240 thousand tons and will help us ensure improved quality specifications for our products. ETEM is realizing the construction of a new extrusion plant in Libya which will focus on the markets of Northern Africa. Consistent to our strategy for an ongoing improvement of our product mix in 2008 too, we plan to produce more high added value products without actually increasing nominal production capacity. To manage our inventories and decrease our production cycle, we are implementing a state-of-the-art computer production planning system. Our technical assistance partnership with FSA is still under way and, after certification by our customers, we expect a gradual increase in the sales of brazing coils. Since February 2008, our subsidiary SYMETAL has operated the Foil branch, which was absorbed from ELVAL, and is aimed at enhancing its manufacturing operation, achieving shorter delivery times, and providing better services in general. Since our core value is human resources, we are trying to apply modern management methods and ensure the development of our personnel through long-term and short-term training programs. Special emphasis is placed on the development of the working environment, by ensuring safety and health. We have always striven to protect the environment through ongoing investment in the development of recycling and the implementation of a detailed environmental policy. We feel that our strategy and our peoples efforts will enable us to ensure the continuation of our company s progressive course and cope with the recent adverse developments in the global financial environment. The General Manager Lambros Varouchas ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 5

It is one of the few independent aluminium processing industries and has been able to compete successfully against large vertically integrated multinational companies. ANNUAL REPORT 2007 6

2. The Company ELVAL S.A. was established in 1973 and was listed in the Athens Stock Exchange (ASE) in 1996. It is one of the most important aluminium rolling industries in Europe. It is one of the few independent aluminium processing industries and has been able to compete successfully against large vertically integrated multinational companies (Alcoa, Novelis, Hydro, Aleris). ELVAL is the only rolling industry in Greece and leads a group of companies producing aluminium products. It has its facilities at the 57th km of the Athens-Lamia national road, Inofita, where it operates a plant of a total annual manufacturing capacity of 200,000 tons with mechanical equipment of a power of 113,000 HP. 2.1. Vision and Mission ELVAL aims to keep improving its position among the most important aluminium rolled product industries in the world. By investing in research and technology and establishing international partnerships, the company strives to achieve technological development and ongoing improvement of equipment by placing special emphasis on the development of innovative products and being driven by its continuously developing human resources. A steady goal set by the company is the ongoing improvement of the quality of the items produced and the services offered in all the sectors where it is present and active, to the benefit of the society in general, the national economy, its customers and its shareholders. 2.2. Our Values Integrity We demand the highest levels of ethics from ourselves, our colleagues, customers, suppliers and partners. We pursue open and honest communication and are honest in our behavior and actions. Environment, safety and health Above all things, we value human life. We focus on the ongoing improvement of systems and procedures aimed at protecting the ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 7

We keep applying methods for making the management of our company more effective. We use all our financial resources productively so as to eliminate any lost time, work and materials. ANNUAL REPORT 2007 8

environment, and ensuring occupational safety and health. We comply with the law, setting strict standards both to ourselves and our suppliers. Our people We understand that the most important reason behind the success of ELVAL is its human resources. We support our people, always acting in understanding and respect for their needs, we believe in meritocracy, and we ensure ongoing training and development for them amid an environment marked with trust, team effort and open communication. Innovation We are always in the quest for new ideas and proposals, encouraging innovation, which is a decisive factor in our development. Customers first We build strong and long-term relationships with our customers, making it our main concern to ensure perfect services to them, especially as regards quality, quantity and delivery times. Responsibility and Efficiency We take responsibility for our actions and are willing to accept the consequences of such actions. We keep applying methods for making the management of our company more effective. We use all our financial resources productively so as to eliminate any lost time, work and materials. We strive to achieve the goals we set, seeking always best results from our work. ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 9

Last year, the company sold 196 thousand tons of aluminium products, 20.5% of them being aluminium foil, 25.5% coils used for the beverage industry, 30% sheets in general, 22.5% aluminium coils and 1.5% discs. ANNUAL REPORT 2007 10

2.3. Our products ELVAL produces aluminium rolled products, in the form of coils and sheets. More specifically, it produces aluminium foil for household use, for packaging and various other applications. Aluminium coils and sheets are used for beer, soft drink and food cans, etc. The company manufactures special aluminium alloys, in sheets and coils, for the shipbuilding and automotive industries, as well as for bridge-building and traffic signs. It also manufactures tread sheets and coils, especially for the American market. It produces coated or uncoated aluminum sheets for industrial, technical and architectural applications. Last year, the company sold 196 thousand tons of aluminium products, 20.5% of them being aluminium foil, 25.5% coils used for the beverage industry, 30% sheets in general, 22.5% aluminium coils and 1.5% discs. 2.4. The markets Basically ELVAL is an exporting company, with a small percentage of its production covering a significant part of the Greek market, whereas most of its production is exported. In 2007 it exported 156,103 tons, accounting for 79.7% its sales, of a value of Euro 464.34 million. It sells its products in over 60 countries, mainly in the EU (64.8%), North America (10.3%), Far East (7.9%) and Middle East (7%) countries. 2.5. The raw material ELVAL procures part of its needs for most primary aluminium from ALUMINIUM OF GREECE S.A., and the rest of it from the international market. A significant part of its raw material comes from recycled aluminium (scrap). ELVAL has installed advanced technology rotary furnaces in Inofita for scrap processing. 2.6. The manufacturing process The formation of end products into aluminium coils and sheets consists of the following manufacturing stages: 1. Aluminium alloying and casting into slabs which are 0.6 m in thickness, up to 2.5 m in width and up to8minlength. ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 11

Our company s products always comply with European and American specifications and have acquired quality marks issued by well-known international organisations. ANNUAL REPORT 2007 12

2. Hot rolling, where a slab is shaped into a coil which is few millimeters in thickness. As an alternative of the two previous stages, continuous casting is used, where melted aluminium is cast directly into coils which are a few millimeters in thickness. 3. Cold rolling, where a coil produced with the hot rolling or continuous casting method reaches the thickness specified for an end product. 4. Intermediate or final heat processing of the coils or end products, in furnaces, to acquire such required product properties as hardness, easy further processing, etc. 5. Coating or other processing of the aluminium coil surface (e.g. tread plate), if requested so by a customer. 6. Cutting or slitting the original coil into strips or sheets, using special machinery. 7. End product packaging in bundles or pallets, using advanced methods and materials which will protect the aluminium until its end use. 8. Safe product shipment to the customer s doorstep. 2.7. Product quality Our concept of the overall quality is of strategic importance for the achievement of company sales in the international market. Our production processes are certified according to ISO 9001/2000. Our company s products always comply with European and American specifications and have acquired quality marks issued by well-known international organizations such as GERMANISCHER LLOYD, TUV, DET NORSKE VERITAS, etc. ELVAL operates a metallurgy research department and participates in the Hellenic Metal Center, founded by the VIOHALCO group. 2.8. Investment The total capital expenditure in the Inofita plant amounted approximately to Euro 24.6 million in 2007, and the value of the equipment put into operation amounted to Euro 6.2 million. Such investments are part of a wider two-year investment plan which is expected to be completed by the end of 2009. ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 13

Technical training allows for an ongoing monitoring of the technological development and the promotion of knowledge among personnel as regards production. ANNUAL REPORT 2007 14 Management-relating training helps develop personal skills so that ELVAL can iclude in its assets a remarkable productive power, its people.

2.9. Real estate ELVAL owns significant real estate property. The company owns plot of land of approximately 100 acres at the 57th of the Athens-Lamia national road, 32 acres of them being covered with industrial facilities. It also owns plots of land in Thisvi, Viotia of a surface area of 80 acres, as well as plots in the region of Elefsis of a surface area of 2.3 th.sq.m. Finally, it operates an Aluminium Recycling Center in Marousi. 2.10. Human Resources Human resources are an invaluable asset in realizing the company s developmental goals. Thanks to the high know-how and extensive experience of its personnel, ELVAL is able to cope with the challenges that arise when entering new markets in an international competitive environment. In 2007, the number of the company s employees rose to 842 persons, whereas that of the ELVAL group of companies rose to 2,294. Since 2004, a more coordinated effort has been started for the development of the company s Human Resources, by upgrading the already existing processes and the introduction of new Human Resources Development Systems and new organizational structures for higher quality of work. Career advancement and professional training are core elements of the Human Resources development policies applied by ELVAL. Technical training allows for an ongoing monitoring of the technological development and the promotion of knowledge among personnel as regards production, whereas management-relating training helps develop personal skills so that ELVAL can include in its assets a remarkable productive power, its people. Environmental and work safety and health issues are top priorities for the Management. In 2007, the company continued the realization of its long-term employee safety training and ongoing information plan so as to promote safety awareness not only at work, but in the family and wide social environments as well. ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 15

The Aluminium Recycling Center (K.AN.AL.) has been in operation in Marousi, which can accept an annual quantity of 600 tons of used aluminium cans. ANNUAL REPORT 2007 16

2.11 Environment The protection of the natural environment is of primary concern for ELVAL and is realized through significant investments in integrated pollution prevention measures and manufacturing process optimization by using Best Available Techniques laid down by the EU. In adopting Best Available Techniques, production processes are evaluated based on their overall environmental impact, including the consumption of electricity, water and fossil fuels, not only based on the waste produced. ELVAL has implemented the Environmental Management System ISO 14001:2004 in its Inofita plant, at Viotia, and its certification is expected in the first six months of 2008. As part of such certification, information and awareness is promoted among the company s personnel, and they take active part in environmental management. ELVAL is the largest aluminium recycling company in Greece. Aluminium recycling helps save 95% of the energy required for the production of primary aluminium, which results in obvious benefits in connection with reducing the emission of greenhouse gases. Its environmental plan includes, but is not limited to, the following actions: raw material radioactivity control upon entry to its facilities; using only natural gas as fuel due to its better environmental performance (lower particle and carbon dioxide emissions) compared to other hydrocarbons; operation of a liquid waste processing plant; a cooling water recycling plan; utilization of solid byproducts, thus contributing to the preservation of natural resources; an extensive plan for the installation and operation of instrumentation for the ongoing monitoring of pollution gases; ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 17

The cans purchased and collected at the Center, after being preprocessed (selection, compression etc.), are forwarded to our plant in Inofita, where they are recycled using state-of-the-art technological methods in order to produce aluminium of a quality equal to that of primary aluminium. ANNUAL REPORT 2007 18

a plan for the ongoing monitoring of the quality of liquid waste; systematic control of solid and liquid waste based on analyses performed both by the company itself and external bodies; planting trees in the periphery of the plant. 2.12. Aluminium can recycling and social contribution Respect for the environment is a primary goal and thus a Quality Management System was developed covering all company activities. The System includes mechanisms for the prevention and minimization of any environmental consequences, as well as ongoing improvement mechanisms. It was developed so as to ensure compliance with the environmental legal framework and adopting optimum environmental management practices, whose immediate and effective implementation is of primary concern to the company. Since January 2003, the Aluminium Recycling Center (K.AN.AL) has been in operation in Marousi, which can accept an annual quantity of ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 19

ANNUAL REPORT 2007 20

600 tons of used aluminium cans. In early 2007 the Environmental Management System Certification procedure according to the ISO 14001 standard was completed. The cans purchased and collected at the Center, after being preprocessed (selection, compression, etc.), are forwarded to our plant in Inofita, where they are recycled using state-of-the-art technological methods in order to produce aluminium of a quality equal to that of primary aluminium. Following is a table of the aluminium quantities collected at the Center in the last three years. Year Quantity of metallic cans Tons of other metals 2005 570 tons* 62 tons 2006 415 tons 20 tons 2007 421 tons 7 tons * Including a quantity of recycled cans from the market. Within the framework of Corporate Social Responsibility, the Center also operates as a communication center, where audiovideo media are used to provide schools, environmental organizations and other bodies with information on the advantages of recycling, which include the upgrading of the environment, raw material and energy savings, and the creation of new jobs. In 2007, 3,372 students from 84 primary and secondary schools visited the Center and were informed on the legal framework that applies in our country in connection with packaging material recycling and its practical applications, ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 21

ANNUAL REPORT 2007 22

whereas in 2006, 2,000 students from 48 schools visited the Center, as shown in the following table. Year Schools Students 2006 48 2.000 2007 84 3.372 During the 2006-2007 school year, KANAL in cooperation with the Quality Net Foundation (a non-profit organization promoting Social Responsibility) and the Viomatiko (Experiential) School (an educational organization working in close cooperation with the educational community) have set up an educational program entitled Environment & Recycling addressed to primary school educators, providing them with information material for teachers and actions for students, aimed at promoting awareness and participation among more and more people as regards the Environment and Recycling. Furthermore, the program has enabled students to take part in a School Competition by submitting individual or group works relating to the Environment and Recycling. Approximately 300 primary school classes from all over Attica took part in the educational competition, and a total of 1,120 school classes were informed about it. The program that included the School Competition and a relevant Event for the exhibition of all participating works and the awarding of prizes to the 5 top-ranking ones, was completed successfully in 2007 and is now repeated in the school year 2007-2008. ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 23

ANNUAL REPORT 2007 24

3. Analysis of the 2007 Financial Statements Company production rose to 191.5 thousand tons last year, just a bit under the 200,000 ton mark, but if we add delayed sales from 2006, the delivered products amounted to 196 thousand tons, a 5% increase. In addition to the increase of quantities, the better product mix and the good prices that prevailed in the European markets led to a 10.75% increase in our company s turnover, which amounted to Euro 611 million, and a 13.9% increase in the Group s turnover, which amounted to Euro 980 million. The exports reached 156,103 tons, valued at Euro 464 million, incresed by 17%, and were directed to 60 countries, mainly in the European Union, North America and Asia. The ongoing devaluation of the dollar tends to reduce our sales in America. The better prices and the increase in the productivity of our personnel in Inofita plant contributed to the favorable company results last year, leading to an increase in the company s earnings before taxes which amounted to Euro 24 million, as well to its earnings after taxes which amounted to Euro 18.9 million (+19.3%). The earnings per share rose by 19% last year amounting to Euro 0.152 and the recommended dividend is increased by 25% amounting to Euro 0.05. Despite the increased turnover, the fact that aluminium prices were kept at lower levels and a better management of our stocks did not have a negative effect on our working capital. The cash and cash equivalents are still high, so as to meet the needs of our investment plan for cash, whereas the positive cash flows amounting to Euro 26 million were enough to offset capital expenditures and contribute a slight reduction in bank loans. The Group s net sales amounted to Euro 980 million, approximately a 14% increase. The production and sales of subsidiaries ΕΤΕΜ and BRIDGNORTH Aluminium rose significantly. The Group sold a total of 281 thousand tons of aluminium products last year, a 6% increase compared to 2006. The Group s gross profits improved significantly, compared to the previous fiscal year, and amounted to Euro 90.2 million, however the earnings before interest, taxes, depreciation and amortization (EBITDA) rose only marginally amounting to Euro 88 million. The net ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 25

ANNUAL REPORT 2007 26

earnings before interest and taxes (EBIT) rose by 10% amounting to Euro 41.3 million. The net earnings before taxes amounted to Euro 30.9 million, compared to Euro 29.7 million in the previous fiscal year, and the corresponding taxes amounted to Euro 8.3 million, as they also included those arising from differences from previous years. The Group s earnings per share amounted to Euro 0.174, a 4.2% increase compared to 2006. The increased turnover of the Group also increased its needs for working capital to Euro 534 million (inventories Euro 268 million and receivables to Euro 234 million); however, in that case too, despite the increased investment needs, bank loans rose only slightly by 6%. The investments, Euro 24.5 million, which were implemented in the parent company, are related to the purchase of lands and disbursements as part of the two-year investment plan. The subsidiaries, ETEM in particular, also made new investments which required disbursements amounting to Euro 23.5 million. Company s depreciation and amortization expenses amounted approximately to Euro 27.5 million, whereas the corresponding total figure for the Group was Euro 46 million. The liquidity and debt-equity ratios remained almost at the same levels as in 2006. ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 27

Profit and Loss Account Information (in Euro million) Group Company 2007 2006 Difference 2007 2006Difference ANNUAL REPORT 2007 Sales 980 860 13.95% 611 552 10.69% (Domestic) 166 161 3.11% 121 127-4.72% (International) 814 699 16.45% 490 425 15.29% Cost of sales 889 783 13.54% 574 519 10.60% Gross profit 90 77 16.88% 37 33 12.12% (% of sales) 9% 9% 6% 6% Earnings before interest, taxes depreciation and amortization (EBITDA) 88 84 3.94% 53 50 7.53% Earnings before taxes 30.9 29.6 4.39% 24 18.3 31.15% Taxes, including deferred tax 8.2 6.4 28.13% 5 2.5100.00% Net profit 22.7 23.2-2.16% 19 15.8 20.25% Net profit margin (% of sales) 2.32% 2.70% 3% 3% Earnings per share 0.174 0.167 4.11% 0152 0.128 19.14% Number of Shares 124,100,815 124,060,815 Dividend per Share (proposed for 2007) 0.05 0.04 Balance Sheet Information (in Euro million) Group Company 2007 2006 Difference 2007 2006 Difference Assets Fixed assets & investments 501.9 503.5-0.32% 399.8 402.05-0.56% Inventories 267.9 261.1 2.60% 158.7 174.04-8.81% Receivables from customers 204.8 187.35 9.31% 132 118.74 11.17% Cash and cash equivalents 28.5 27.48 3.71% 14.5 10.96 32.30% Other assets 40 39.07 2.38% 28.2 24.41 15.53% Total assets 1,043.1 1,018.5 2.42% 733.2 730.2 0.41% Liabilities Liabilities 475.8 451.4 5.41% 251.4 256.14-1.85% - Long term 264.3 269.2-1.82% 157.4 172.54-8.77% - Short term 211.5 182.2 16.08% 94 83.6 12.44% 28

Balance Sheet Information (continued) (in Euro million) Group Company 2007 2006 Difference 2007 2006 Difference Cash flows - Operating activities 26.7 10.09 26.4-3.4 - Financing activities 15.8 23.95-8 13.68 - Investing activities -40.85 21.19-14.85-0.6 Cash and Cash Equivalents: - At the beginning 27.5 13.7 11 1.29 - At the end 28.5 27.5 14.5 11 Financial Ratios Debt-equity ratio (debt/equity) 1.19 1.26 1.92 1.85 Liquidity ratio (current assets / short-term liabilities) 2.53 2.79 3.52 3.89 Return on Equity (Earnings after taxes / Equity) 4.0% 4.1% 3.9% 3.3% Return on capital employed (Earnings before taxes & financing) 4.0% 3.7% 3.5% 2.9% Equity Coverage of Fixed Assets 1.13 1.12 1.21 1.17 4. Investments in Subsidiaries The company leads a group of companies focusing on the production and trade of aluminium products. Major subsidiaries % holding Company name 58.68 % ΕΤΕΜ S.A. 100% BRIDGNORTH ALUMINIUM LTD 99.9% SYMETAL S.A. 50% VIOMAL S.A. 95.94% ELVAL COLOUR S.A. ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 29

ANNUAL REPORT 2007 5. Subsidiaries results 5.1. ΕΤΕΜ S.A. focuses on Architectural Systems, Industrial Profiles and Composite Panels (ΕΤALBOND ). It has got aluminium extrusion plants in Magoula, Attica and in Sofia, Bulgaria, as well as a casting plant for aluminium billets in Inofita, Viotia. At the end of the fiscal year 2007 ETEM employed a total number of 939 persons. In 2007 the consolidated sales rose to Euro 169 million, a 10% increase, with exports accounting for 67% of them. The gross profits rose by 7% amounting to Euro 31 million, whereas the net earnings before interest, taxes, depreciation and amortization (EBITDA) dropped by 3% amounting to Euro 15.6 million, and the earnings after taxes dropped by 58% amounting to Euro 2.6 million, compared to Euro 6 million in the previous fiscal year. The most important events that took place in the Group in the previous year included the progress we made in promoting our products in the automotive industry, which are expected to rise even further this year, and our new investments in the Magoula and Inofita plants, with the emphasis placed on 30

environmental protection and the increased productivity of the casting plant. We also set up a product distribution center in Bulgaria last year. In the current year, which is considered hard to deal in the domestic market, we expect our foreign sales to rise, as we are about to add billets and alloys produced in the company s casting plant in Inofita. The investment in Libya is also progressing, and the company is going to spend Euro 7 million there. The plant in Libya will help us take advantage of the important North Africa market. ΕΤΕΜ S.A. (in Euro thousand) 2007 2006 2005 Non-current assets 107,344 102,545 97,778 Current assets 134,860 116,634 96,365 Total assets 242,205 219,178 194,143 Equity 95,233 96,388 93,803 Turnover 169,013 153,397 109,265 Gross profit 30,101 28,050 24,163 EBITDA 15,574 16,048 13,344 Earnings before taxes 2,566 6,066 5,358 Earnings per share 0.039 0.134 0.127 Dividend per share 0.025 0.050 0.065 5.2. BRIDGNORTH ALUMINIUM LTD operates a rolling plant in England which employs 217 persons. It produces lithography coils and foilstock for the production of aluminium foil. Its main product, lithography coils, is intended for the production of lithography plates used in offset printing. It is a high technical specification product, and the company is one of the top producers globally, holding a significant market share as its customers include well-known multinational industries. Since the company was bought out in 2001, investments have been made amounting to Euro 77 million, which has resulted in a significant rise in capacity and quality upgrading. In 2007 the company s turnover amounted to Pound 114.4 million, and its earnings before taxes amounted to Pound 2.5 million. ELVAL HELLENIC ALUMINIUM INDUSTRY S.A. 31