The Tubacex group has recently announced its financial results for 2006, after its annual accounts were approved in a general meeting of Shareholders. Consequently consolidated sales are up by EUR 539.07 million a figure 25.2% higher than in the preceding financial period. Two markets which must be highlighted are Europe the destination for 65% of the Group’s sales where growth was 28.3% higher than the previous year and North America where sales up by 9.2% in spite of the strength of the euro against the dollar penalizing the sales of European exporters. The consolidated net profit reached EUR 30.95 million which means an increase of 21.7% with regard to the profit obtained the previous year. The net cash flow generated amounted to EUR 47.69 million and therefore 16.1% higher than in the preceding financial year. Mr Álvaro Videgain president and CEO of Tubacex described it as historical because the company’s figures for production sales profits and cash flow all set new records. In addition, development of the Strategic Plan that defines the business project of Tubacex of 2010 continued throughout the financial year. The purpose of this Plan is to guarantee future growth and profitability and to convert the Company into the leading seamless stainless steel tube manufacturer in the world.
