On Friday, April 7, 2006 took place the presentation, to the Union of Greek Institutional Investors, of ELVAL, S.A. The Company's Management gave a brief general description of the Group's activities, presenting its history, production units, products and investments program. Then followed an analysis of the 2005 financial results, as well as the future prospects. The Company has been established in 1973. Its annual sales volume was then 20 thousand metric tons of aluminum rolled products. The Group's sales volume, in 2005, was 236 thousands tons and 19 thousands tons of aluminum extrusion products, through the subsidiary ΕΤΕΜ. The main production units are located in Greece: Oinophyta- Viotia, Thiva and Magoula and abroad: in Great Britain and Bulgaria. Trading companies operate in all big countries of the European Union and the Balkans. Over 80% of its production is exported abroad, to more than 65 countries. Each year the products range becomes wider, through the production of new special products, the development of which is one of the company's main goals. In 2005, the production of the, already working in full capacity, Oinophyta plant, was 192 th. tons, slightly increased, in comparison with 2004. The profit before taxes, interest and depreciation ("EBITDA") of the parent company amounted to 39 mil. euro, compared to euro 42 mil.in 2004 and the profit before taxes amounted to euro 8,5 mil., decreasing by 16,5%. The decrease in the conversion premium of the final products, resulting from the increased international competition, as well as the increased cost of energy led to the falling off of the profit. The profit after taxes, amount to euro 7,6 mil., appear decreased by 73%. It is noted that, the profit after taxes for 2004 was high, due to the reversal of a part of the accumulated deferred taxes, as a result of the decrease in the taxation ratios. The consolidated profit before taxes, interest and depreciation ("EBITDA") amounted to 67 mil. , decreasing by 13% and the profit before taxes to euro16 mil., compared to euro 26 mil. in 2004. The production of the plant in Great Britain reached 50 th. tons approx. and new products were added to the products range. In the aluminum extrusion branch, the decline of the demand in the local market, after the Olympic Games, as well as the increased cost of promotion and advertising, resulted to the decrease of the profit by 42%. Significant investments have been completed in the previous years, for which the amount of euro 330 mil. was spent, in consolidated basis, from the year 2000 to the year 2004. The current investing program is kept at a low level and more specifically, the investments cost, for 2005, was 35 mil. euro and it is expected to remain low, also for the year 2006. Finally, it was mentioned that, in 2006, the company will intensify its efforts, aiming at the further improvement of the quality and the decrease of the cost, through the increase of the productivity and the cutting off of the costs at all levels. The total production is expected to remain at the 2005 level, but the company will continue to develop the part of the production, regarding high technology products with a firm profit margin.