Athens, 19/05/2015

Heracles GCC Group announces 1st quarter 2015 Results

Group sales affected by reduction in domestic market and export volume

Efforts to optimise costs continue

Heracles GCC Group of Companies (Group) announced today sales of 49.8 million Euros in the first quarter of 2015, decreased by 14.3% compared to 58.1 million Euros in the same period of 2014. Sales of the Company were at 43.7 million Euros, decreased by 15.4% compared to 51.6 million Euros in the first quarter of 2014.

The Group's earnings before taxes, interest, depreciation and amortisation (EBITDA) was a profit of 3.4 million Euros in the first quarter of 2015 compared to a loss of 6.6 million Euros in the first quarter of 2014. The Company's EBITDA was a profit of 4.9 million Euros in the first quarter of 2015 compared to a loss of 4.4 million Euros in first quarter last year. 

The Group presented in the first quarter of 2015 net losses after taxes of 5.1 million Euros, compared to 12.8 million Euros losses after taxes in the same period 2014. In the first quarter of 2015, the Company presented net losses after taxes of 1.9 million Euros compared to 9.1 million Euros losses after taxes in the first quarter of 2014.

The decrease of the turnover in the first three-month period of 2015, compared to the corresponding period of 2014, is attributed to reduced volume of both export and domestic sales impacted by bad weather conditions for the first two months of 2015, elections and rising economic uncertainties. Moreover the drop in domestic cement volumes is more evident as the basis of comparison is high since volumes experienced a two digit growth in the first quarter of 2014.

The Group and the Company continues their efforts to reduce operating costs, as well as optimize the production and supply chain processes supporting the improvement of the gross profit.