HELLENIC CABLES Group turnover amounted to €175 million in the first half of 2014, decreased by 3% compared to the first half of 2013 (€181 million), a result of decreased metal prices, since the sales quantities increased slightly compared to 2013.

Consolidated results before interest, taxes and depreciation and amortization (EBITDA) amounted to losses of €358 thousand compared to €1.4 million profit in 2013, while the operating result (EBIT) of the Group amounted to losses of €4.7 million compared to €2.9 million losses in 2013. The results were negatively affected by losses of €3.4 million resulting from the valuation of the unhedged metal stock of the production companies of the Group due to the drop in copper prices in the metal stock exchange. Moreover, the Group suffered losses due to the implementation of the investment plan in subsidiary FULGOR (inactivity costs during the upgrade of existing equipment and installation of new equipment) and moreover the results were affected by decreased margins due to increased competition.

Consolidated results before taxes amounted to losses of €12.3 million compared to losses of €8.7 million in 2013, while net results after taxes and minority interests amounted to losses of €10.2 million or €0.345 per share.

The Group's net debt amounted to €211 million on 30/6/2014 versus €179 million in 2013, while €20 million were disbursed during the first half of 2014 for investments (mainly concerning the high voltage submarine cable investment in FULGOR).

The gradual increase in demand in the European and international markets during the second quarter creates optimism for the future, while in the second half of the year FULGOR will begin production of high voltage submarine cables. Moreover, the Group continues to invest in the development of new products, while intensifying efforts to strengthen sales networks, expanding sales outside Europe, further reducing production costs and optimizing working capital management.