HELLENIC CABLES HOLDINGS S.A.
Announcement
Group sales remained at the same level as in the previous year, by reaching 94,5 million euro. Company sales have slightly exceeded 70 million euro and therefore were increased by approximately 5%. Group EBITDA has reached 7,3 million euro versus 7,6 million euro achieved in 2007, and Company EBITDA has reached 4 million euro versus 4,5 million euro in 2007. Group earnings before tax in Q1 2008 amounted 3,3 million euro versus 4,6 million euro in 2007, whilst the Company earnings before tax reached 3 million euro versus 2,9 million euro in 2007. Finally, the Group net profits after tax and minority interests reached 2,8 million euro versus 4 million euro (a decrease of 30%), or 0,105 euro per share (versus 0,149 in 2007). As far as the Company is concerned, net profits after tax reached 2,9 million euro (0,107 euro per share) versus 2,5 million euro in 2007 (0,092 euro per share). The slight downside of Q1 financial results is mainly due to the current execution of the investment plan in the factories of the Group, that has led to a restriction of the volume produced, particularly affecting the production of high added value cables. Another factor that negatively affected the results has been the international financial instability and the consequent price volatility.