Hellenic Cables Group turnover amounted to €95 million in the first quarter of 2015, increased by 25% compared to the first quarter of 2014 (€76 million). The volume of the main products of the Group also increased accordingly.

Consolidated earnings before interest, taxes and depreciation and amortization (EBITDA) in Q1 2015 amounted to €8.1 million compared to €2 million losses in Q1 2014, while the operating result (EBIT) of the Group amounted to profits of €4.5 million compared to €4.4 million losses in Q1 2014. The improvement is attributed to the increase in sales volume, as well as to the growth of the sales of high value-added products. Moreover, the results of Q1 2014 were adversely affected by the implementation of the investment plan in subsidiary Fulgor (inactivity costs during the upgrade of existing equipment and installation of new equipment).

Consolidated results before taxes amounted to losses of €0.9 million compared to losses of €7.8 million in Q1 2014, while net results after taxes and minority interests amounted to losses of €0.4 million or €0.0152 per share.

The Group's net debt amounted to €227 million on 31/3/2015 versus €218 million on 31/12/2014, resulting mainly from increased needs for working capital due to the improved turnover.

The Group is optimistic regarding its prospects for 2015, since it has booked significant contracts for both submarine and underground cables. Furthermore, the initiatives undertaken during the last years aimed at strengthening of the sales network, cost reduction and focusing on production of value added products are starting to show results, as evidenced from the financial results of the Group.