Hellenic Cables (Q4/FY 2014 Results): Manos Chatzidakis – Beta Sec.
Group turnover amounted to €359 million in the fiscal year 2014, increased by 4% compared to 2013 (€345 million). The volume increase for the main products of the Group reached 15%, which is not apparent from turnover due to lower copper prices.
Hellenic Cables Group revaluated the value of its fixed assets for 31/12/2014, resulting in increased net value of €35.6 million. However, due to the International Accounting Standards guidelines only the negative readjustments, which amounted to €11.2 million appear in the Profit & Loss Account. The remaining €46.8 million positive readjustments are calculated directly in the equity.
EBITDA for FY 2014 before the fixed assets revaluation amounted to €0.5 million compared to €1.1 million in 2013, while the operating result (EBIT) of the Group before the fixed assets revaluation amounted to losses of €8.8 million compared to €7 million losses in 2013. After the fixed assets revaluation the amounts are adjusted to losses of €11.4 million (EBITDA) and €20 million (EBIT) respectively. The results were negatively affected by losses of €6.3 million resulting from the valuation of the unhedged metal stock of the production companies of the Group due to the drop in copper prices in the metal stock exchange. Moreover, the Group suffered losses due to the implementation of the investment plan in subsidiary FULGOR (inactivity costs during the upgrade of existing equipment and installation of new equipment) and moreover the results were affected by decreased margins due to increased competition.
Consolidated results before taxes amounted to losses of €37.9 million compared to losses of €19.6 million in 2013, while net results after taxes and minority interests amounted to losses of €30.3 million or €1.0258 per share.
The Group’s net debt amounted to €217.6 million on 31/12/2014 versus €179 million in 31/12/2013, resulting mainly from €31 million disbursements for investments in 2014 (predominantly concerning the high voltage submarine cable investment in FULGOR).
|EBITDA Mrg||0,3%||-3,0%||-329 bps||-3,6%||-9,8%||-617 bps|
|Net Mrg||-6,1%||-8,4%||-234 bps||-13,3%||-12,4%||+90 bps|