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31/08/2010

TUBOS REUNIDOS SUBSTANTIALLY IMPROVES ITS FIRST HALF ACTIVITY AND RESULTS

The Tubos Reunidos Group’s business evolution in the first half of the year confirms the start of the recovery in activity after the serious crisis experienced in 2009. As a result, the Group obtained turnover of 181 million euros, which is 28 per cent higher than in the second half of 2009.

Meanwhile, EBITDA stood at 13.2 million euros, representing a substantial increase over the previous half (2.2 million euros), with continuing improvement in the profit margin on sales, which stands at 7.3 per cent.

These figures, which verify the revitalisation of activity, are also confirmed by the important increase in the entry of orders recorded throughout these first six months of the year, due to the Group’s international positioning, leading to it benefiting from the recovery experienced in key markets like the U.S.A., Europe and countries such as India and South Korea. Consequently, it should be mentioned that the two main factories in the Group will be operating at full capacity in coming months.

In the same way, it is important to highlight that this improved activity has taken place earlier than in many other companies in the sector, demonstrating that Grupo Tubos Reunidos has consolidated its market position during the recession, even gaining market share in some products and areas.

With regard to the financial situation of the company, it must be pointed out that in spite of the logical increase arising from greater working capital requirements due to the recovery in activity, the preservation measures introduced during 2009 enabled net debt to be kept at 127.8 million euros, illustrating the financial solvency of the Tubos Reunidos Group.

 

Outlook for the whole of 2010

Decisive factors like the reactivation experienced in the leading target markets for Tubos Reunidos exports (which account for 80% of seamless steel tube sales), as well as the success in achieving orders with high requirement levels, plus the success of the cost saving scheme introduced in 2009, are having a positive effect on the company’s business development.

Moreover, it is important to emphasise that collective agreements have been reached with the workforces of the Group’s two main plants, thereby ensuring stability in social relations.

Forecasts indicate that 2010 will be the year recovery starts. In any case, Grupo Tubos Reunidos, in line with its strategic vision, will continue going deeper into the prioritisation and selection of the most profitable products and markets, as well as to continue improving its activity and strengthening its competitiveness. 

 

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01470 Amurrio, Álava (Spain)

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Tel: (+34) 945 89 71 00
Fax: (+34) 945 89 71 54/55

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