HALCOR Group of companies announced its Q1 2014 consolidated financial results according to the International Financial Reporting Standards (IFRS).

Consolidated turnover reached in the first quarter of 2014 to Euro 266 mil. versus Euro 303 mil. in the first quarter of 2013, decreased by 12.3% due to the comparatively lower average metal prices, but also the reduced fabrication prices, mainly in rolled products for installations and cables. In terms of volumes, there was an increase in sales by 2.3% in favor mainly of rolled products.

Consolidated gross profit decreased by 84.6% to Euro 1.4 mil. versus Euro 9.1 mil. in Q1 2013. The decrease was primarily due to a loss of Euro 8.7 mil. versus a loss of Euro 2.9 mil. in the corresponding period last year, from the valuation of the basic operating stock of all productive companies of the Group as a result of the aforementioned drop in metal prices. In addition, gross profit was affected by Euro 1.3 mil. due to the implementation of new investment projects in plant FULGOR SA, a subsidiary of HELLENIC CABLES SA (idle cost during the upgrading works of existing equipment and installation of new equipment).  Consolidated results before interest, tax, depreciation and amortization (EBITDA) reached in the first quarter of 2014 to losses Euro 2.1 mil. versus profits Euro 6.2 mil. in the respective period last year, while results before interest and tax (ΕΒΙΤ) amounted to losses Euro 7.8 mil. versus profits Euro 0.9 mil. in the first quarter of 2013. Consolidated results before tax (EBT) amounted in the first quarter of 2014 to a loss of Euro 18 mil. compared to losses of Euro 8 mil. in the first quarter of 2013. Finally, the results after tax and minority interests amounted to a loss of Euro 13.7 mil. or euro 0.1352 per share, compared to losses of Euro 12 mil. or Euro 0.1181 per share.

In the Eurozone, the modest recovery of production activity and almost hypotonic consumption during the first months of the current year, boosted competitive pressures, that adversely affected the fabrication prices in most of the Group's products. In contrast, the improvement in economic conditions in theUnited Statesand theUnited Kingdomled to increased sales volume and better margins. In particular, the demand for installation products continued to move into negative territory as the construction industry has been affected more than anyone else. In contrast, the demand for industrial products in key European markets showed signs of stabilization after a downward 2013 and thus the Group increased its sales volume and gain larger market shares. Regarding cables, the reduced demand in the European Union and increased competition pressured margins significantly and negatively affected the profitability of HELLENIC CABLES.

Regarding the rest of 2014, given the difficult conditions still prevailing in the domestic market and the apparent stabilization of the economies of most countries in the Eurozone, the Group will continue to have the primary strategic objective of increasing market share in industrial products and strengthen activity in new markets that have not been affected by the economic downturn. Reductions in energy prices are already helping to strengthen the competitiveness of the Group's products and enable the further development of exports. Also, the start submarine cables production from the second quarter of the year will lead the Group to further volume growth and a significant improvement in profitability.

The data and information for the period 1.1.2014 - 31.3.2014 together with the Interim Summary Financial Statements for the same period will be posted on the Company's website at the address www.halcor.gr and the website of the ASE www.helex.gr.