Hellenic Cables Group announces its financial results for the first half of 2016 according to International Financial Reporting Standards.

Hellenic Cables Group's revenue amounted to euro 212 million in the first half of 2016, decreased by 4% compared to the first half of 2015 (euro 221 million), while sales volume were at the same level compared to the respective prior year's period. Consolidated earnings before interest, taxes and depreciation and amortization (EBITDA) in the first half of 2016 amounted to euro 17.8 million compared to euro 21.9 million in the first half of 2015, while the Group's operating profits (EBIT) amounted to euro 10.6 million compared to euro14.7 million in the first half of 2015. Consolidated earnings before taxes amounted to euro1.7 million compared to euro 3 million in the first half of 2015, while net results after taxes and minority interests amounted to profit of euro 60 thousand and earnings per share amounted to euro 0.0020.

The deterioration in results compared to the respective prior year's period is attributed to differences in product mix due to the different construction contracts executed during the two periods and due to losses from metal result.

The Group's net debt amounted to euro 241 million on 30/6/2016 versus euro 224 million on 31/12/2015, resulting mainly from increased needs for working capital to finance the ongoing construction contracts. Investments during the first half of 2016 amounted to euro 4.3 million.

Hellenic Cables remains optimistic for 2016 despite the volatile business environment. The initiatives taken in recent years have focused on increasing sales of value-added products, developing a further competitive sales network, increasing productivity and reducing production costs. Therefore, the Group is able to exploit any opportunity presented internationally and worthily compete with the leading companies of the sector.