Hellenic Cables Group turnover for the first nine months of 2008 reached euro 291,5m, while the turnover of the parent company reached euro 210,2m. Profits before taxes, financial results, depreciation and amortization reached euro 20m, Vs. euro 26m during the 9 months of 2007, while for the parent company the results were euro 11,6m Vs. euro 14,9m respectively. Net Profits after taxes and minority interests reached euro 6,8m Vs. euro 12,7m in 2007, while the net profits of the parent company increased slightly to euro 7,3m, Vs. euro 7m in 2007.
Both the group and the parent company exhibited positive cash flows from operating activities during the first 9 months of 2008, reaching euro 24,4m and euro 16,7m respectively, allowing Hellenic Cables to finance its increased investments and pay off part of its loans. The investments of the group amounted to euro 8,1m during the first 9 months of 2008, while those of the parent company amounted to euro 6,2m.
Net debt (Borrowings minus Cash) of the Hellenic Cables Group and of the parent company decreased by appr. 11%, amounting on 30/6/2008 to euro 119,5m and euro 83,7m respectively.
The results for the first nine months were influenced by the decline in the building sector, as well as by the adverse developments in the international economic environment, such as the increased interest rates & energy costs and the devaluation of the British Pound compared to the Euro. Moreover, the results for the nine months of 2008 were negatively affected by a provision for stocks devaluation due to the decrease in raw material prices (especially copper), which increased the cost of goods sold of the Hellenic Cables Group by appr. euro 2m.