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Annual Report 2012

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Annual Report 2012 TABLE OF CONTENTS HELLENIC CABLES Group at a glance…. 1 1. Message from the General Manager 2 2. HELLENIC CABLES Group 4 3. History 4 4. Vision - Mission - Values 5 5. Philosophy and Strategy 6 6. Human Resources 7 7. Corporate Responsibility and Sustainable Development 8 8. Products 10 9. Customers and Sales Network 15 10. Plants and Manufacturing Process 16 11. Production process 18 12. Group Key Financial Data 20 13. Share performance 22 14. Main Holdings 23 14.1 ICME ECAB S.A. 23 14.2 FULGOR S.A. 24 15. Board of Directors and Company Management 27 16. Notice of General Meeting of Shareholders 29 HELLENIC CABLES S.A. ANNUAL REPORT 2012 HELLENIC CABLES Group at a glance… • The largest cable manufacturer in SE Europe, with 5 plants, 1,288 employees exports to more than 50 countries (in million euro) 2007 2008 2009 2010 2011 2012 Turnover 406.5 358.3 241.6 351.8 414.6 439.3 EBITDA 34.9 14.4 11.1 13.2 20.9 10.7 EBITDA Margin 8.6% 4.0% 4.6% 3.8% 5.0% 2.4% Earnings Before Tax (EBT) 20.4 (1.8) (0.2) 0.6 3.6 (13.3) Earnings after taxes 16.1 (1.0) (1.2) 0.4 3.3 (11.2) and minority interest Net borrowing 134.1 95.5 83.3 102.4 151.8 150.1 Bank loans to Working capital Total Assets to Sales 49 % 49 % 44 % 44 % 41 % 40 % 32 % 31 % 28 % 25 % 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Liquidity ratio Investments (euro million) 15.0 12.2 12.4 2.09 1.82 8.1 1.40 1.25 1.08 5.4 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 1. Message from the General Manager 2012 was a very challenging year for HELLENIC CABLES Group. The consolidated turnover rose by 6% The macroeconomic uncertainty resulted in adverse market conditions. In the European Union the recession was expanded to the energy sector since many with international investments were suspended due to the lack of liquidity, while the subsidies sales increasing for renewable energy projects, mainly wind farms and solar parks, were by 11.5%. significantly curtailed. The construction activity remained sluggish, while additional contraction was recorded in many markets. Against this background of negative developments, the reorganization of FULGOR continued unabated. Significant upgrade plans involving the existing equipment were implemented, resulting in reduced production cost and increased productivity. Medium-voltage submarine cables for domestic and international customers were produced in 2012, while the copper and aluminium wire rod mills started operating at full capacity in the second half of the year. 2012 also saw the launch of the major investment plan of euro 50 million for the manufacture of high-voltage submarine cables in FULGOR's plant. In order to respond to the technical requirements of these advanced-technology Significant upgrade products, HELLENIC CABLES has entered into a know-how transfer agreement plans involving the with VISCAS, one of the leading manufacturers of submarine cables and existing equipment subsidiary of the Japanese FUJIKURA and FURUKAWA. Once this investment is completed, HELLENIC CABLES will be one of the few manufacturers of high- were implemented, voltage submarine cables globally. resulting in reduced production cost The consolidated turnover rose by 6% with international sales increasing by 11.5%. However, the increased competition and the costs incurred due to the and increased reorganization of FULGOR had an impact on the Group’s results. Consolidated productivity. earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to euro 10.7 million compared to euro 20.9 million in 2011, 2 HELLENIC CABLES S.A. ANNUAL REPORT 2012 registering a 49% drop. The postponement of important orders and highly profitable projects had an additional negative effect on the results. Pre-tax results amounted to losses of euro 13.3 million compared to profits of euro 3.6 million in 2011, while post-tax results stood at losses of euro 11.2 million or euro 0.387 per share. Despite the negative financial results, the Group’s net borrowing was The major invest - decreased to euro 150 million compared to euro 152 million in 2011, as a result ment plan of euro 50 of our efforts to boost the fundamental financials, even though euro 15 million was disbursed for investments. The improvement of the working capital, which million designed for decreased to 25% of sales compared to 29% in 2011, and especially the drop the manufacture of in inventories contributed to such decrease in borrowings. high-voltage Moreover, 2012 saw considerable progress along the lines of HELLENIC submarine cables in CABLES’s long-term strategy. The companies of the Group were homologated FULGOR's plant was by major European energy utilities, while sales to the existing customers of the launched in 2012. sector rose. The product portfolio was enriched with new product categories such as medium-voltage submarine cables, extra high voltage underground cables and low-sag high-temperature conductors (ACSS-TW). Additionally, the strategic partnerships we developed enabled us to provide our customers with integrated solutions, whether they concern the design and installation of cables onshore and offshore or components and support services. At the same time, sales outside Europe increased and the foundations were laid for further expansion to markets exhibiting signs of growth. 2013 finds the Group in a transitory phase amid considerable investment plans and expansion projects to new markets and products since the Group lays the foundations for its future growth and prosperity. Unfortunately the adverse market conditions and overall uncertainly make any financial forecasts difficult. Nevertheless, we remain optimist about the future prospects of HELLENIC CABLES. Finally, we feel compelled to emphasize yet again HELLENIC CABLES’s dedication to the principles of Corporate Responsibility and Sustainable Development, both in our long-term strategy and our everyday activities. Special reference should be made to the Group’s personnel who have been the cornerstone of its performance to date and are considered essential for any future success. An example of the focus on the prosperity of our personnel lies in the certification of the Health and Safety management systems of all plants in Greece according to OHSAS 18001:2007 standard. Alexios Alexiou General Manager 3 2. HELLENIC CABLES Group HELLENIC CABLES Group is the largest cable industry in Greece and owns five production plants, four in Greece and one abroad. It is an export oriented Group with a significant commercial presence in international markets. Since its establishment, the Company has focused on incorporating cutting-edge technologies and aims to manufacture competitive products destined for the international markets. The Group’s plants manufacture a wide range of products including power and telecommunications cables, enamelled wires, copper wires and compounds. The main subsidiaries of HELLENIC CABLES are FULGOR, which manufactures power cables and 8mm copper wires, and ICME ECAB, a power and telecommunications cables’ manufacturer. HELLENIC CABLES S.A. is listed in the Athens Stock Exchange since 1994. 3. History Acquisition of Listing in the Main SIEMENS’ share in Market of Athens TELECABLES S.A. Incorporation of Stock Exchange HELLENIC CABLES (ASE) 2001 2000 1999 1950 1973 1991 1994 Acquisition of environmental Acquisition of management Cable production by Production of fibre-optic majority compliance VIOHALCO cables in cooperation shareholding in certificate ISO with SIEMENS ICME ECAB S.A. 14001 Incorporation of TELECABLES S.A. 4 HELLENIC CABLES S.A. ANNUAL REPORT 2012 4. Vision - Mission - Values The vision of HELLENIC CABLES consists of contributing to the improvement of the end consumer’s quality of life, through the manufacture of reliable and safe products with advanced and environmentally friendly technologies. Our mission is to respond swiftly to the needs of our customers around the world by constantly improving our products and services, laying emphasis on the development of our human resources, on our corporate and social responsibility and on the value creation for our shareholders and partners. The values of our Company which guide all our internal and external activities both at individual and at col - lective level are: • Respect for environment and people • Knowledge, competence and professional conduct • Honesty, integrity and prudence • Team spirit and collaborative attitude • Action and results orientation Launch of an investment plan of euro 50 million for the Received Received the manufacture of high- "Committed to "Recognised for voltage submarine Excellence" Excellence 3 star” cables in FULGOR award by the award by the Acquisition of European European compliance certificate First order for Foundation for Foundation for involving Health and Holding in ICME High Voltage Quality Quality Safety management ECAB S.A. rises cables Management Management to 98.6% system OHSAS 18001 2006 2007 2003 2004 2008 2002 2009 2011 2012 Operation of LSF Operation of a Completion of a flame-retardant new production Acquisition of new plant in mixtures units line for 400kV FULGOR Thiva high and extra- First order high voltage for Extra High cables Voltage cables 5 5. Philosophy and Strategy HELLENIC CABLES Group is operating in a thoroughly competitive environment, both in Greece and abroad. Its long-standing success has been attained through the high quality and competitiveness of its products and also its focus on the core principles of business excellence: Developing Adding Value Creating a Sustainable Harnessing Creativity Organisational for Customers Future & Innovation Capability Leading with Vision, Succeeding through Sustaining Outstanding Managing with Agility Inspiration & Integrity the Talent of People Results Operating in an ever-changing environment, the Group has set the following strategic priorities in order to implement its long-term business plan: • Utilise new investments by focusing on high added value products such as high and extra-high voltage cables, as well as submarine cables, which are less vulnerable to current economic developments.
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