Al EZZ Steel Rebars. - Final Results.

(From AFX CNF)

RNS Number:8515T Al EZZ Steel Rebars S.A.E. 28 March 2007 AL EZZ STEEL REBARS REPORTS CONSOLIDATED FULL YEAR 2006 RESULTS 2006: A Year of Restructuring a Net sales of EGP 11.6bn a Gross profit of EGP 3.2bn a EBITDA* of EGP 3.6bn a Net profit before tax of EGP 2.6bn a Tax and deferred tax of EGP 611m a Net profit after tax and minority interests EGP 995m a EPS of EGP 5.85 per share on a weighted average number of shares basis. a Net debt to Equity 1.26x a Corporate restructuring completed *EBITDA = sales - cost of goods sold - selling & marketing expense - G&A expense + depreciation and amortisation Cairo, 28 March 2007 - Al Ezz Steel Rebars S.A.E. ("Ezz Steel") (CASE: ESRS; London Stock Exchange: AEZD), the largest independent producer of steel in the MENA region and market leader in Egypt, today announced its consolidated full year results for the period ending 31 December 2006. The audited results have been prepared in accordance with Egyptian Accounting Standards. Corporate restructuring Ezz Steel completed a comprehensive corporate restructuring during 2006 that has significantly changed the shape of its business. Through this process, it has consolidated substantially all of the steel operations of Ezz Group under Ezz Steel to reflect the unified structure under which the company is now operating. During the 2006 financial year, Ezz Steel acquired the following stakes from Ezz Group: Al-Ezz El-Dekheila Steel Co - In February 2006, Ezz Steel acquired 4.016 million existing shares of EZDK Alexandria (EZDK) (representing Ezz Group' entire shareholding in EZDK), bringing Ezz Steel's holding in EZDK to 50.3% of its share capital. This was in exchange for 87.980 million newly issued Ezz Steel shares, thereby increasing Ezz Group's paid in capital …