Athens, 26/11/2012

Heracles Group announces nine months 2012 results

Results reflect the intensifying recession in the construction activity

Heracles Group of Companies announced today sales of 173.41 million Euros for the nine months of 2012, decreasing by 19.3% compared with 215.00 million Euros in the same period of 2011. Sales of the Company were at 151.93 million Euros, decreasing by 18.4% compared with 186.22 million Euros in the nine months of 2011.

The Group's earnings before taxes, interest, depreciation and amortization (EBITDA) was negative amounting to 51.31 million Euros compared to profit of 2.90 million Euros in the respective period of 2011. The Company's EBITDA was a loss of 58.35 million Euros in the nine months of 2012 compared to a profit of 9.72 million Euros in the nine months last year.

The Group presented in the nine months of 2012 losses after taxes of 70.12 million Euros, compared with 32.22 million Euros losses after taxes in the same period of 2011. In the nine months of 2012 the Company presented losses after taxes of 72.27 million Euros compared with 20.06 million Euros losses after taxes in the respective period of 2011.

The decrease in the Group and the Company sales in the nine months of 2012 reflects the intensifying recession in the domestic market of private construction activity, for a fourth consecutive year, as well as the substantial suspension of the construction activity in public and co-financed infrastructure. The Group's and the Company's results were also affected by provision for doubtful receivables, while the Company's results were also affected by the impairment of its investment in a consolidated subsidiary.

Aiming to partially offset the effects of the domestic market deterioration, in the nine months of 2012, the Group and the Company intensified their exporting activity and continued their coordinated efforts and measures to reduce operating costs and optimize the production, supply chain and administrative processes.