Mar. 24, 2011 - Significant margin expansion led to record profitability for the Bentonite, Continuous Casting Fluxes and Minerals Trading Divisions, according to the Board of Directors.
FULL YEAR 2010 HIGHLIGHTS
* Sales increase of 25.1% compared to 2009, with positive momentum maintained throughout the year
* EBITDA growth ahead of sales, increasing 53.5% compared to 2009 as a result of strong operating leverage and efficiency gains
* Significant margin expansion leads to record profitability for the Bentonite, Continuous Casting Fluxes and Minerals Trading Divisions
* Net profit increases to 13.1 million, a six-fold increase compared to 2009
* Proposal for a capital return of 0.25 per share
Efthimios Vidalis, CEO of S&B, commented:
"During 2010 our performance recovered impressively even if we did not yet return to precrisis levels. Business activity remained strong throughout the year as the initial restocking effect steadily recalibrated into sustained demand, particularly so, in the metallurgical segments. Despite the operational challenges that we faced in our bauxite division, we achieved overall strong profitability in our Group. We are very pleased with the recovery of our margins, which reflect strong operating leverage as a result of additional volume in our business and the efficiency initiatives implemented in the previous year.
Economic developments remain favourable in our countries of operation, Germany continues to strengthen, while at the same time our domestic revenue exposure stands below 8%. We are monitoring the recent volatility and increases of various input cost prices, but remain confident of our future prospects, as the strengthening of our geographic presence during 2010 and our increased financial flexibility leave us well placed to maintain our positive momentum."
