Hellenic Cables Group turnover amounted to €480 million in 2015, increased by 33% compared to 2014 (€359 million), resulting from increased sales volume, as well as the execution of two significant submarine cable projects, for Cyclades interconnection and St. George Island interconnection.

Consolidated earnings before interest, taxes and depreciation and amortization (EBITDA) in 2015 amounted to €37 million compared to €10.8 million losses in 2014, while the operating result (EBIT) of the Group amounted to profits of €23.6 million compared to €20 million losses in 2014. The improvement is attributed to the increase in sales volume, as well as to the growth of the sales of high value-added products and services. Moreover, the results were negatively affected by losses of €5.7 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.

Consolidated earnings before taxes amounted to €644 thousand compared to losses of €37.9 million in 2014, while net results after taxes and minority interests amounted to losses of €1.8 million or €0.062 per share.

The Group's net debt amounted to €223.6 million on 31/12/2015 versus €217.6 million on 31/12/2014, mainly resulting from increased needs for working capital due to the improved turnover. Investments during 2015 amounted to €11.5 million.

Hellenic Cables remains optimistic regarding its prospects for 2016. The Group has undertaken major projects for submarine medium and high voltage cables and has booked significant contracts for underground cables with European energy utilities. The initiatives undertaken in recent years have focused both on the development of a competitive sales network and on the increase of productivity and the reduction of production costs. Therefore, the Group is able to seize the opportunities presented internationally and deservedly compete with the leading companies in the industry.