Financnial Results FY 2003
Total sales volume of cement and clinker in both domestic and export markets reached 9.2 mill. tonnes, up 12.6% compared to last year.
Operating expenses decreased by 9.3% compared to last year, owing mainly to the focus of Management on operating cost cutting as well as to the impact of last year's voluntary redundancy scheme.
Operating income of the Group amounted to 122.7 million euros, up 18.4% compared to last year, reflecting the aforementioned increase of sales volume and reduction of operating expenses, as well as the reduction of production costs due to the realization of cost structure improvements including further increase in pet-coke usage, reduction in power cost due to the use of imported power and reduction in labor cost.
Net profit before tax increased by 64% and amounted to 117 million euros compared to 71.3 million euros of the previous year, that had been impacted by incremental extraordinary expenses of 28.5 million euros versus 2003 in respect of staff termination indemnities.
The Board of Directors of Heracles General Cement Company has recommended the payment of a 0.40 euros dividend per share, 33% increased in comparison to last year.
HERACLES Group of Companies, a member of Lafarge, has 3 cement plants in Greece. One in Volos, which is the largest cement plant in Europe, one in Halkis Evia and one in Milaki Evia. The total production capacity of the Group is 9.6 million tonnes annually, which makes it the largest cement producer in Greece. HERACLES Group is also active in the production and sale of ready-mix and aggregate products
Lafarge is the world leader in building materials, and employs 75,000 people in 75 countries. The Group holds top-ranking positions in all four of its Divisions: Cement, Aggregates & Concrete, Roofing and Gypsum. Lafarge posted sales of 13.6 billion euros in 2002.