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Viohalco Sanitary Ware and Level to Finance the Company Was Tile Production the Swift Incorporated in Occurred 801 ANNUAL REPORT 2015 Viohalco • Annual Report 2015 1 Contents Viohalco S.A. 2 Message from the President of the Board of Directors 4 Viohalco’s portfolio - Business segments 8 History of Viohalco 10 Management Report 12 1. 2015 Highlights and 2016 Outlook 13 2. Subsequent events 14 3. Business performance and activity report 14 4. Risk and uncertainties 62 5. Circumstances that may considerably impact the development of Viohalco 66 Corporate Governance Statement 68 Shareholder Information and Market Data 80 Consolidated Financial Statements 2015 83 Statutory auditor's report b1 Condensed Statutory Balance Sheet and Income Statement b3 Declaration of responsible persons b5 Glossary b6 2 Viohalco S.A. Viohalco S.A. is a Belgium-based holding company of commercial subsidiaries, agents and distributors, Viohalco’s leading metal processing companies across Europe. companies have the global reach and expertise to support their customers worldwide, offering a wide range of With production facilities in Greece, Bulgaria, Romania, products and reliable services. Moreover, they constantly Russia, FYROM, Australia, and the United Kingdom, invest in research and technology, closely monitoring the Viohalco’s subsidiaries focus on achieving technological most recent market developments. advancement and specialise in the manufacture of aluminium, copper, cables, steel and steel pipes products. Viohalco’s portfolio also includes a segment dedicated to technology and R&D, comprising companies focused on Viohalco’s companies are committed to sustainable industrial research and technological development, manufacturing of high quality products and innovative engineering applications, ERP application services, as well solutions for various dynamic markets such as, building and as a segment dedicated to recycling and waste construction, energy and telecommunication networks, oil management services. and gas, transportation, marine, automotive, food and pharmaceutical packaging, heating and air conditioning, Viohalco and its companies also own substantial real estate, lithography and numerous other industrial applications. mainly in Greece, and have implemented redevelopment Through a strong marketing and sales network, including projects on a number of properties. Viohalco key data Viohalco key figures in 2015 • Listed on Euronext Brussels Exchange (VIO) and • Revenue: EUR 3.3 billion on the Athens Exchange. • EBITDA: EUR 194 million • Subsidiaries listed on the Athens Exchange: Halcor (XAKO), • EBIT: EUR 73.4 million Hellenic Cables (ELKA), Corinth Pipeworks (SOLK). • Loss of the year: EUR 63.4 million • Equity: EUR 1.2 billion • Total assets: EUR 3.5 billion • Total net debt: EUR 1.5 billion Subsidiaries’ key data Subsidiaries’ investments • Commercial network in 21 countries • 2001-2015: over EUR 2.3 billion • Products distributed in more than 100 countries • 2015: EUR 206 million Viohalco • Annual Report 2015 3 4 Message from the President of the Board of Directors The year 2015 was marked by a further decline in the rates subsequent merger with its subsidiary, Symetal, and lastly of global growth, due to the fall in commodities prices and the cross border merger of Viohalco and Elval, Alcomet, the deceleration of the development of the emerging Diatour and Eufina in February 2016. economies. Despite the context of this volatile and significantly Europe faces major institutional changes including the unstable environment, Viohalco and its companies have refugee crisis, the trend in oil and gas prices which caused strived to deliver improved results across all their key a number of energy projects to be postponed worldwide, performance indicators. Being motivated by its solid the deceleration of Chinese economic growth which fundamental principles of continuous improvement and affected global demand for our products and the sustainable development within all aspects of its continuous economic recession and political instability in operations and remaining focused on the implementation Greece, which disrupted both large scale and smaller of their strategy, Viohalco carried out the implementation projects. In this context, the risk of uncertainty and of its investment plan. nervousness in the markets has been raised. These developments had the most pronounced impact on our During 2015, Viohalco completed a number of important steel operations, which were adversely affected by the projects which reinforced its competitive position in its key increase in Chinese exports into European markets, in markets by enhancing its productivity and product range; particular. indicative are the new induction furnaces in Sovel and Sidenor’s plants, the installation of a vacuum degasser for As a result of difficult market conditions in Greece, gaining the production of high quality steel alloys in Stomana access to sufficient capital to fund constant development Industry and the construction of an LSAW method pipe of our business has been one of our key challenges in production unit at Corinth Pipeworks, enabling the recent years. To address this challenge, we have embarked penetration of the deep sea underwater pipeline market. on a corporate transformation which reached several key milestones during 2015. The completion of a series of Furthermore, the countries of the Eurozone benefited from corporate transformations provided Viohalco and its the decline of the value of Euro versus both the US Dollar companies with better access to capital and a higher profile and the GBP. The parity between Euro and US Dollar and in financial markets, which in turn, will facilitate further the GBP respectively positively affected the profitability of progress. Firstly, the cross border merger of Viohalco and exports to the United States, other USD denominated its subsidiary Sidenor in 2015, then the separation of the trading countries and the UK. The low oil prices, although industrial and commercial segments of Elval and their they were partly offset by the strong US Dollar rate, Viohalco • Annual Report 2015 5 positively affected production and transportation costs. To ensure sustainable development beyond the short-term, Viohalco consolidated revenue for 2015 increased by 11.3% we aim to further reduce our environmental footprint, raise to EUR 3,275 million, compared to the EUR 2,943 million in our operational health and safety standards, and provide 2014. This growth was mainly achieved due to sales volume outstanding opportunities for the development of our increase in all segments, with the exception of the steel people, as well as continuous support for the local segment, and the improved product mix for most communities in which we operate. The upgrading of our segments. The largest volume growth was registered in the production facilities through intensive investment cables’ and steel pipes’ segments. Consolidated revenue programmes render us now better positioned to increase was also positively affected by a 6.5% increase in the exports and improve the penetration of markets by offering average price of primary aluminium, while it was negatively new growth opportunities. affected by the 4.2% decline in copper price. Looking to the future, we are cautiously optimistic about Net finance costs increased by 15% to EUR 111 million in the outlook of 2016 given the current political and 2015 from EUR 96 million in 2014, due to an increase of EUR economic scene in our key markets, but we remain 52 million in total debt and an increase in other interest confident that we will effectively adapt to the ever- bearing instruments to finance increased working capital changing economic and business conditions in which we needs. operate. Loss before income tax of Viohalco in 2015 amounted to EUR Nikolaos Stassinopoulos 36.8 million compared to a loss before income tax of EUR 90 President of the Board of Directors million in 2014. Loss of the year amounted to EUR 63.4 million in 2015, compared to a loss of EUR 87.5 million for 2014. 6 Viohalco’s companies’ presence Headquarters Customers served in more than 100 countries Viohalco • Annual Report 2015 7 Manufacturing sites in 7 countries A strong commercial network in 21 countries 8 Viohalco’s portfolio - Business segments Viohalco operates under the following organisational framework that comprises eight business segments: Viohalco segments Aluminium Copper Elval Bridgnorth Aluminium Etem Bulgaria Halcor Symetal * Elval Colour Sofia Med Fitco Cables Steel Hellenic Cables Sidenor Steel Industry Stomana Industry Icme Ecab Fulgor Sovel Dojran Steel Steel pipes Real estate Corinth Pipeworks Noval Zao TMK CPW Technology and R&D Recycling Elkeme Teka Systems Praksys Aeiforos Anamet Aeiforos Bulgaria Bianatt * Business Unit • Aluminium : Elval and its subsidiaries, Bridgnorth power, telecommunication and submarine cables, as Aluminium and Etem Bulgaria, deliver a wide variety of well as enamelled wires and compounds. products from aluminium coils and sheets for general applications and aluminium foil for household use, to • Steel : Sidenor Steel Industry, Stomana Industry and special products, such as rolled and extruded alu minium their subsidiaries manufacture long, flat and down - products for shipbuilding, automotive and construction stream steel products. industries, and lithographic coils. • Steel pipes : Corinth Pipeworks engages in the pro - • Copper : Halcor and its subsidiaries produce a wide duction of steel pipes for the transportation of natural range of copper and copper alloy products that span gas, oil and water networks, as well
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