MANOS CHATZIDAKIS – BETA SEC
Halcor’s consolidated revenue amounted to EUR 1,080 million compared to EUR 1,102 million in 2013, representing a decrease of 2%. The loss of the period attributable to owners of the Company amounted to EUR 51 million in 2014 compared to a loss of EUR 58 million in 2013.
The decrease in revenue was due to the decline in the price of copper in comparison to the previous year (average price of copper in 2014 at EUR 5,170 per ton versus EUR 5,514 per ton in 2013), but also due to the reduced conversion prices in certain product categories. On the contrary, the volume of sales marked a significant increase for most products. The modest growth of the economies in the Eurozone intensified competitive pressures and negatively affected conversion prices for Halcor products.
Nevertheless, continued improvement of economic conditions in the US and the UK led to increased sales and better margins. Demand for installation products was especially depressed, while demand for industrial products showed signs of stabilisation, after a drop in 2013, and as a result the Group increased sales of such products. In addition, the lower decline in the copper price during the period resulted in an improved gross margin, as it affected the valuation of the basic operating stock of all manufacturing companies of the Halcor Group to a lesser extent than in 2013.
Finally, at the end of the year, in order to more accurately reflect the real values of its assets, Halcor changed its accounting policy with respect to valuation of land, buildings and machinery. This change had a significant positive effect of EUR 113.6 million (net of tax) on the equity, but a negative effect of EUR 23.4 million on the Group’s profit and loss (EUR 14.8 million after tax and minority interests). Thus, the consolidated loss of the period attributable to owners of the Company, without the effect of the revaluation of assets, would have amounted to EUR 36.4 million.
|EBITDA Mrg||0,6%||1,7%||+108 bps||-0,6%||1,3%||+191 bps|
|Net Mrg||-5,3%||-4,7%||+52 bps||-8,0%||-9,7%||-169 bps|