Athens, 25/05/2012

Heracles Group announces first quarter of 2012 results

Results reflect the intensifying recession in construction activity

Heracles Group of Companies announced today sales of 43.89 million Euros for the first quarter of 2012, decreasing by 37.60% compared with 70.35 million Euros in the same period of 2011. Sales of the Company were at 36.79 million Euros, decreasing by 39.73% compared with 61.05 million Euros in the first quarter of 2011.

The Group's earnings before taxes, interest, depreciation and amortisation (EBITDA) was a loss of 16.59 million Euros in first quarter 2012 compared to a loss of 9.38 million Euros in first quarter last year. The Company's EBITDA was a loss of 14.35 million Euros in first quarter 2012 compared to a loss of 7.19 million Euros in first quarter last year.

The Group presented in the first quarter of 2012 losses after taxes of 23.30 million Euros, compared with 18.78 million Euros losses after taxes in the same period of 2011. In the first quarter of 2012 the Company presented losses after taxes of 19.34 million Euros compared with 14.86 million Euros losses after taxes in 2011.

The decrease in the Group and the Company sales in the first quarter 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. Although the first quarter is not necessarily indicative for the year's course, it is expected that 2012 private construction activity will follow a downward trend.  

The Group and the Company continued strong measures to reduce operating costs and optimize the production and supply chain processes, which aim to partially offset the effects of the domestic and international market deterioration.