HELLENIC CABLES Group turnover amounted to €268 million in the first nine months of 2014, decreased by 1% compared to 2013 (€271 million), a result of decreased metal prices, since the sales quantities increased compared to 2013.

Consolidated results before interest, taxes and depreciation and amortization (EBITDA) for the first nine months of 2014 amounted to losses of €1.7 million compared to €3.8 million profit in 2013, while the operating result (EBIT) of the Group amounted to losses of €8.4 million compared to €2.6 million losses in 2013. The results were negatively affected by losses of €4.8 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 €20.6 million compared to losses of €11.5 million in 2013, while net results after taxes and minority interests amounted to losses of €18.9 million or €0.6403 per share.

The Group's net debt amounted to €214 million on 30/9/2014 versus €179 million in 2013, while €27 million were disbursed during the first nine months of 2014 for investments (mainly concerning the high voltage submarine cable investment in FULGOR).

Demand increased during the third quarter in the main markets of the Group, however sales prices remained under intense pressure from competition. In September FULGOR started production of High Voltage submarine cables for the Cyclades Islands Interconnection Project and moreover there are positive prospects for new projects in the immediate future.

While operating in a challenging business environment, the Group focuses on strengthening of the sales network in order to develop sales in existing and new markets, while the benefits from the undertaking of submarines projects, which was made possible after the investments of the last years, will appear gradually.