In the context of the annual update to the Hellenic Fund and Asset Management Association, Hellenic Cables presented today the annual financial results of the company for the year 2015, its performance based on the current market conditions, its strategy and its prospects for the forthcoming years.

Fiscal year 2015 was very important for Hellenic Cables Group and decisive for future developments. During the year, the Group executed significant contracts for submarine cable projects, while continued to undertake initiatives to improve its competitiveness and to reduce its production costs. These initiatives focused on increasing the efficiency of production plants, reducing the cost per unit produced and reducing the cost of raw materials used for the production of Group's products.

Regarding the financial results for 2015, the consolidated turnover of Hellenic Cables Group was €480 million, increased by 34% compared to 2014 (€359 million).

In terms of volumes, sales of Group's main products increased by 23%. This fact along with the execution of two significant submarine cable projects in the domestic market, for Cyclades interconnection and St. George Island interconnection, were the drivers for the increased turnover recorded during 2015.   

However, it should be noted that the valuation of the basic non-hedged metal stock had a significant negative effect (approximately €5.7 million) on Group's results due to the decreasing copper prices on the metal exchange.

Consolidated earnings before interest, taxes and depreciation and amortization before impairment of assets and metal result (adjusted EBITDA) amounted to €42.8 million profit versus €6.8 million profit in 2014, while consolidated operating result before impairment of assets and metal result (adjusted EBIT) amounted to €29.4 million profit compared to €2.6 million losses in 2014. The corresponding amounts after impairment of assets and metal result amounted to €37 million profit versus €10.7 million loss in 2014 (EBITDA) and €23.6 million profit compared €20 million loss in 2014 (EBIT).

Consolidated pre-tax results amounted to profit of €0.6 million compared to losses of €37,9 million recorded in 2014, while consolidated results after tax and non-controlling interests amounted to loss of €1.8 million or €0,062 per share compared to loss of €30,3 million or €1,026 per share for 2014.

Group's net debt stood at €223.6 million on 31/12/2015, compared to €217.6 million on 31/12/2014, as a result of increased working capital needs to support the increased consolidated turnover.

During the presentation, reference was made to the structure of Hellenic Cables Group and its dynamic productive base with six main industrial plants in Greece, Romania and Bulgaria. In addition, reference was made to Group's products and the extensive commercial network in Greece and abroad.

Furthermore, reference was made to Group's investment plan that took place during the last years, which from 2002 and onwards has amounted to approximately €230 million. This investment plan was oriented to the production of differentiated high value-added products and the improvement of production costs. During 2015, the Hellenic Cables Group made investments of approximately €12 million.

Concluding the presentation, Group's management mentioned the positive outlook for 2016, as a gradual recovery of the international markets is noted, which has led to increased demand and improved margins. Additionally, liquidity in European markets has been improved and there is optimism for the implementation of major infrastructure projects in the future.

During 2016, the Hellenic Cables concludes two major projects undertaken in Greece, the interconnection of Syros - Tinos, Syros - Mykonos, Syros - Paros and the interconnection of the wind farm on the island of St. George, while significant submarine cables projects have already been undertaken abroad, as well. More specific, Hellenic Cables Group has been awarded by the German electricity transmission system operator TenneT, two turnkey projects for the design, manufacture, installation and protection under the seabed of the offshore wind farm export cable systems connecting substations for the Borkum Riffgrund II and Trianel Borkum Windpark offshore wind farms in the North Sea. These high - profile projects underline the pre-eminent position of Hellenic Cables Group among the few global high-voltage submarine cable manufacturers, which are capable of successfully executing complex turnkey projects. Furthermore, positive developments from other submarine cables competitions are expected in the near future, both in Greece and abroad.

Finally, the initiatives undertaken during the last years in order to strengthen the commercial network, to reduce costs and to focus on high value-added products are expected to further improve the Group's financial results in the future.