In the Ordinary General Assembly of the Shareholders of HELLENIC CABLES S.A. held on Thursday, 14 June 2007, at the ATHENS IMPERIAL Hotel, a presentation was made of the financial figures, progress and prospects of the company.
The year 2006 was excellent for HELLENIC CABLES S.A. as it fully vindicated its strategic decisions. The extensive investments made in previous years in modern production equipment, the focus on export by penetrating markets that were new for the company and the emphasis placed on high added value products, the remarkable development of ICME ECAB S.A. in Romania and the ongoing improvement of personnel performance have enabled the company to increase its sales and ensure higher profits for its shareholders
The consolidated sales reached Euro 321 million and the company's sales reached Euro 231 million, a 60% rise in both cases. The Group's exports reached Euro 208 million and the company's exports reached Euro 123 million, a 65% and 68% rise respectively.
The earnings before interest, taxes, depreciation and amortization (EBITDA) reached Euro 29.3 million compared to Euro 13.6 million in 2005, whereas the company's EBITDA reached Euro 18.4 million compared to Euro 8.7 million in 2005.
The Group's net profits reached Euro 15 million compared to Euro 3 million in the previous year, and the company's net profits rose to Euro 7.4 million from 1.2 million in the previous year. The net profit per share was Euro 0.275 compared to Euro 0.044 in the previous fiscal year.
The company's prospects for the current year, and the years to follow, are positive. The pressing need for modernization and expansion of energy networks on a global scale, to cope with the ever-increasing demand for energy, coupled with the respective domestic need for renewal in high and medium voltage electricity networks, is expected to create increased demands for large quantities of cables. The market demand for ?cleaner? energy and the investments in Wind Power will require large quantities of cables. We are ready to respond to such needs, offering highly competitive prices and top quality of products.
For de above reasons HELLENIC CABLES has decided to make an investment and set up a production plant for the manufacture of medium and high voltage submarine cables, and to that end it has prepared an investment plan which will be submitted to competent authorities within the framework of the Law on Development No. 3299/2004. The amount of the investment is estimated to reach approximately EURO 20 million, which will be spent on the erection of a building and the purchase of mechanical equipment.