HELLENIC CABLES Group turnover amounted to €76 million in the first quarter of 2014, decreased by 14% compared to the first quarter of 2013 (€88 million), a result of decreased metal prices, as well as decreased demand in key markets of the European Union in the beginning of the year. However, Group turnover outside Europe increased significantly compared to the first quarter of 2013.

Consolidated results before interest, taxes and depreciation and amortization (EBITDA) amounted to losses of €2 million compared to €1.7 million profit in 2013, while the operating result (EBIT) of the Group amounted to losses of €4.4 million compared to €0.4 million losses in 2013. The results were negatively affected by losses of €1.6 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, as well as from losses of €1.3 million due to the implementation of the investment plan in subsidiary FULGOR (inactivity costs during the upgrade of existing equipment and installation of new equipment). Additionally the results were affected by the reduction of turnover and decreased margins due to increased competition.

Consolidated results before taxes amounted to losses of €7.8 million compared to losses of €3.2 million in 2013, while net results after taxes and minority interests amounted to losses of €5.7 million or €0.1923 per share.

The Group's net debt amounted to €192 million on 31/3/2014 versus €179 million in 2013, while €7.2 million were disbursed during the first quarter of 2014 for investments.

The gradual increase in demand in the European and international markets creates optimism for the future, while in the second quarter of the year FULGOR will begin production of 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.