HERACLES GENERAL CEMENT COMPANY S.A.
First quarter 2008 results
FIRST QUARTER TURNOVER INCREASED BY 2.5%
ANOTHER YEAR OF FURTHER PERFORMANCE IMPROVEMENT EXPECTED IN 2008
After a record first quarter 2007, HERACLES G.C.Co Group of Companies announced today sales of 168.4 million euros for the first quarter of 2008, an increase of 2.5% over the corresponding period of 2007. Company turnover increased by 4.1%, deriving mainly from increased volume and prices in the international market.
The Groups' earnings before taxes, interest and depreciation (EBITDA) amounted to 23.1 million euros for the period of 2008 as compared to 37.7 million euros in the corresponding period of 2007. The Group's net earnings after taxes for the first quarter of 2008 amounted to 1.3 million euros as compared to 18.7 million euros for the respective period of 2007. This difference is mainly attributed to the significant increase in fuel and power prices and the non recurring capital gain in Q1 2007 from the sale of the participation in the associated company Metropolitan Car Enterprises SA.
Due to the seasonality of demand in our product, the first quarter is not representative of the full year performance. In the frame of Lafarge's Excellence 08 strategic plan, on-going actions will continue to reduce cost and maximize efficiency in manufacturing, supply chain and SG&A. Overall, we expect another year of improved performance in 2008.
The Group continues to aim at ensuring sustainable operations and to implement its program of upgrading the overall environmental performance of all plants. To this end, the proposed use of alternative fuels is expected to contribute by reducing the use of fossil fuels and non renewable resources and ultimately benefit in lower carbon emissions while contribute to reducing energy costs.
Safety remains a priority focus through expanded training programs for staff and contractors, in conjunction with the implementation of Lafarge new Safety Standards.
About the company
HERACLES G.C.Co Group of Companies, a member of Lafarge, is Greece's largest cement producer, with a production capacity of 9.6 million tons per year, and the largest cement exporter in Europe. With a focused vision on sustainable development, the company aims to create value for its stakeholders contributing to the economy and to the development of communities in which operates. Operating three cement plants, in Volos, Halkis and Milaki in Evoia, seven cement terminals, as well as production and trading units of aggregates and concrete, the Heracles Group has production activity in 29 prefectures in Greece and trading activity throughout continental and island Greece. Lafarge is the world leader in building materials, with top-ranking positions in all of its businesses: Cement, Aggregates & Concrete and Gypsum. With 90,000 employees in 76 countries, Lafarge posted sales of Euros 17.6 billion and net income of Euros 1.9 billion in 2007.
Lafarge is the only company in the construction materials sector to be listed in the 2008 "100 Global Most Sustainable Corporations in the World". Lafarge has been committed to sustainable development for many years, pursuing a strategy that combines industrial know-how with performance, value creation, respect for employees and local cultures, environmental protection and the conservation of natural resources and energy. To make advances in building materials, Lafarge places the customer at the heart of its concerns. It offers the construction industry and the general public innovative solutions bringing greater safety, comfort and quality to their everyday surroundings.
Additional information is available on the web site at www.lafarge.com.
For more information please contact:
Angelica Patrouba
HERACLES G.C.Co Group of Companies
External Communications
Tel: + 30 210 2898816
Mob.: + 30 6973031816
Patroubaa@aget.com
ANOTHER YEAR OF FURTHER PERFORMANCE IMPROVEMENT EXPECTED IN 2008
After a record first quarter 2007, HERACLES G.C.Co Group of Companies announced today sales of 168.4 million euros for the first quarter of 2008, an increase of 2.5% over the corresponding period of 2007. Company turnover increased by 4.1%, deriving mainly from increased volume and prices in the international market.
The Groups' earnings before taxes, interest and depreciation (EBITDA) amounted to 23.1 million euros for the period of 2008 as compared to 37.7 million euros in the corresponding period of 2007. The Group's net earnings after taxes for the first quarter of 2008 amounted to 1.3 million euros as compared to 18.7 million euros for the respective period of 2007. This difference is mainly attributed to the significant increase in fuel and power prices and the non recurring capital gain in Q1 2007 from the sale of the participation in the associated company Metropolitan Car Enterprises SA.
Due to the seasonality of demand in our product, the first quarter is not representative of the full year performance. In the frame of Lafarge's Excellence 08 strategic plan, on-going actions will continue to reduce cost and maximize efficiency in manufacturing, supply chain and SG&A. Overall, we expect another year of improved performance in 2008.
The Group continues to aim at ensuring sustainable operations and to implement its program of upgrading the overall environmental performance of all plants. To this end, the proposed use of alternative fuels is expected to contribute by reducing the use of fossil fuels and non renewable resources and ultimately benefit in lower carbon emissions while contribute to reducing energy costs.
Safety remains a priority focus through expanded training programs for staff and contractors, in conjunction with the implementation of Lafarge new Safety Standards.
About the company
HERACLES G.C.Co Group of Companies, a member of Lafarge, is Greece's largest cement producer, with a production capacity of 9.6 million tons per year, and the largest cement exporter in Europe. With a focused vision on sustainable development, the company aims to create value for its stakeholders contributing to the economy and to the development of communities in which operates. Operating three cement plants, in Volos, Halkis and Milaki in Evoia, seven cement terminals, as well as production and trading units of aggregates and concrete, the Heracles Group has production activity in 29 prefectures in Greece and trading activity throughout continental and island Greece. Lafarge is the world leader in building materials, with top-ranking positions in all of its businesses: Cement, Aggregates & Concrete and Gypsum. With 90,000 employees in 76 countries, Lafarge posted sales of Euros 17.6 billion and net income of Euros 1.9 billion in 2007.
Lafarge is the only company in the construction materials sector to be listed in the 2008 "100 Global Most Sustainable Corporations in the World". Lafarge has been committed to sustainable development for many years, pursuing a strategy that combines industrial know-how with performance, value creation, respect for employees and local cultures, environmental protection and the conservation of natural resources and energy. To make advances in building materials, Lafarge places the customer at the heart of its concerns. It offers the construction industry and the general public innovative solutions bringing greater safety, comfort and quality to their everyday surroundings.
Additional information is available on the web site at www.lafarge.com.
For more information please contact:
Angelica Patrouba
HERACLES G.C.Co Group of Companies
External Communications
Tel: + 30 210 2898816
Mob.: + 30 6973031816
Patroubaa@aget.com