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ANNUAL REPORT 2015 Hellenic Cables Group at a Glance

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ANNUAL REPORT 2015 Hellenic Cables Group at a Glance TABLE OF CONTENTS Hellenic Cables Group at a glance 1 1. Message from the General Manager 2 2. Hellenic Cables Group 4 3. History 6 4. Vision - Mission - Values 8 5. Philosophy and Strategy 9 6. Corporate Responsibility and Sustainable Development 10 7. Products 12 8. Customers and sales network 18 9. Plants 22 10. Manufacturing process 24 11. Group key financial data 26 12. Share performance 29 13. Main holdings 30 13.1 Icme Ecab S.A. 30 13.2 Fulgor S.A. 31 14. Board of Directors and Company Management 33 15. Notice of General Meeting of Shareholders 34 802 HELLENIC CABLES - ANNUAL REPORT 2015 Hellenic Cables Group at a glance The largest cable manufacturer in South- Exports to more than Eastern Europe, with 50 countries 6 plants Bank loans Working capital Liquidity ratio Investments to total assets to sales (in EUR million) 60 30 28% 1.5 60 53% 52,5 49% 49% 51% 49% 25% 1,25 50 25 23% 1,15 50 1.2 1,08 20% 0,97 40 20 18% 0,89 40 0.9 31,2 30 15 30 0.6 20 10 20 15,0 11,5 0.3 8,1 10 5 10 0 0 0.0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 (amounts in EUR million) 2011 2012 2013 2014 2015 Revenue 414.6 439.3 345.3 359.4 479.7 EBITDA 20.9 10.7 1.1 -10.7 37.0 EBITDA margin 5.0% 2.4% 0.3% -3.0% 7.7% Adjusted EBITDA 20.0 13.1 7.7 6.9 42.8 Adjusted EBITDA margin 4.8% 3.0% 2.2% 1.9% 8.9% Pre-tax earnings 3.6 -13.3 -19.6 -37.9 0.6 Earnings attributable to the owners of the Company 3.3 -11.2 -21.1 -30.3 -1.8 Net debt 151.8 150.1 179.3 217.6 223.6 *Adjusted EBITDA does not include the effect of fixed assets revaluation and metal result HELLENIC CABLES - ANNUAL REPORT 2015 1 1. Message from the General Manager 2015 was a decisive year for the future developments of Hellenic Cables Group. During the year the Group carried out major contracts for submarine cable projects and continued to take initiatives with a view to improving competitiveness and reducing production cost. Such initiatives focused on increasing the output of the plants, decreasing cost per unit of manufactured product and reducing the cost of the raw materials used in manufacturing the Group's products. In 2015, the Group's revenue amounted to EUR 480 million, increased by 34% compared to 2014 (EUR 359 million). Quan - titative increase in the sales of the Group's key products reached 23% while the increase in revenue was considerably af - fected by the execution of two important submarine cable projects on the domestic market, i.e. the interconnection of the Cyclades islands and the interconnection of the islet Agios Georgios. Nevertheless, it should be noted that the valuation of metal base inventory (non-hedged on the exchange market) had a significant negative effect (approximately EUR 5.7 million) on the Group's performance, due to the drop in prices on metal exchanges. The Group maintained its leading po - sition in the marketplaces of Greece and Romania where it runs plants, while also increasing its exports. Such increase was the outcome of the Group’s persistent efforts to increase exports and expand its customer base. On 31.12.2015, the Group's net debt amounted to EUR 223.6 million compared to EUR 217.6 million on 31.12.2014, which is mainly due to the high demands for working capital to support the Group's increased revenue. The Group's capital expenditure plan which amount to EUR 228 million since 2002 has enabled the manufacture of diver - sified, high added value products and the improvement of production cost. Total investments implemented by Hellenic Cables Group in 2015 amounted to EUR 12 million. In 2015, the Group's The Group is optimistic regarding its prospects in 2016, since a gradual recovery of international markets is noted, which has resulted in increased revenue amounted to demand and improved profitability margins. Moreover, the liquidity on European markets seems to be improving while there is optimism about EUR 480 million, the implementation of important infrastructure projects. increased by 34% During 2016, Hellenic Cables will complete the two important projects compared to 2014 undertaken in Greece: the interconnection of Syros-Tinos, Syros- Mykonos, Syros-Paros islands and the interconnection of the wind park on the islet of Agios Georgios and has already un - dertaken major submarine cable projects in other countries too. Specifically, Tennet, the German power transmission operator, awarded to Hellenic Cables Group the execution of two turnkey projects concerning the design, production, in - stallation and submarine protection of power transmission submarine systems to connect the substations of the offshore wind parks Borkum Riffgrund II and Trianel Borkum in the North Sea. These challenging projects highlight the primordial position of Hellenic Cables Group among the manufacturers of high voltage submarine cables worldwide. Also, other ten - ders for submarine cables are expected to have a positive outcome in the near future, in Greece and other countries. 2 HELLENIC CABLES - ANNUAL REPORT 2015 The initiatives taken the last few years to strengthen the sales network even further, reduce costs and focus on the manu - facture of high added value products are expected to improve the Group’s financial results even more. Despite the volatile business environment, Management assesses the circumstances at all times to secure that all necessary and possible steps are timely taken to minimise any effects on the Group's business. Finally, we should point out once more the dedication of Hellenic Cables to corporate responsibility and sustainable de - velopment principles, as such are incorporated in its long-term strategy and everyday business. Alexios Alexiou General Manager HELLENIC CABLES - ANNUAL REPORT 2015 3 2. Hellenic Cables Group Hellenic Cables Group is the largest cable industry in Greece and one of the largest cable producers in South-eastern Europe, and owns six production plants, four in Greece, one in Romania and one in Bulgaria. It is an export oriented Group with a significant commercial presence in international markets. Since its establishment, the Group has focused on incorporating cutting-edge technologies and aims to provide competitive products and services targeting 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 manu- factures submarine cables and 8mm copper wires, and Icme Ecab, a manufacturer of power and telecommunications cables. Hellenic Cables has been listed on the Athens Exchange since 1994. 4 HELLENIC CABLES - ANNUAL REPORT 2015 6 1 9 H E L L Cable production is launched by the then 5 E N Viohalco at Piraeus St., Tavros I 1 C 0 C A B 9 3 L E S - 6 . A N N H 8 U A L Relocation of the plant at Oinofyta R i - E P s O 6 R T t 1 2 0 9 o 1 5 9 r Production of paper-insulated medium and y 7 high voltage cables is launched 0 1 9 Incorporation of Hellenic Cables S.A. 7 3 1 9 Production of XLPE-insulated medium voltage 8 cables is launched 2 1 9 First certification of the Quality Management System 9 as per ISO 9001 2 1 9 Listing on the Main Market of 9 the Athens Exchange (ATHEX) 4 1 9 Acquisition of majority shareholding 9 in Icme Ecab S. Α. 9 2 • ISO 14001 certification of the Environmental Management 0 System at the Thiva plant 0 • Execution of know-how transfer agreement with Furukawa Electric with respect to the production of high and extra high 1 voltage cables 2 0 Completion of the new Thiva-based cable plant 0 and operation of a high voltage line 3 2 0 Operation of LSF flame-retardant and halogen-free compound production lines 0 6 2 0 Operation of a second production line 0 for 500 kV high and extra high voltage cables 7 • Acquisition of Fulgor SA which is engaged in the manu - 2 facture of power cables of up to 150kV, medium voltage submarine cables and optical fibre cables, bare conduc - 0 tors as well as copper (Cu) - aluminium (Al) rods 1 • Absorption of the subsidiary TelecableS SA • Certification of the Environmental Management 1 System in the Livadia and Oinofyta plants as per ISO 2 14001:2004. • Occupational Health and Safety Management System (OHSAS 0 18001:2007) certification of group companies • Implementation of submarine electrical interconnections of the 1 2 islands of Thasos and Aegina to the continental electrical power 2 distribution system in collaboration with Public Power Corpora - 0 tion (PPC) 1 Implementation of a capital expenditure plan 2 totalling over EUR 65 million for the production of high voltage submarine cables in the plant of the subsidiary Fulgor S.A. - 1 2 5 0 1 Award of the Cyclades interconnection project 4 H E L L E N I C C A B 2 L E S - 0 A N Execution of the Cyclades interconnection and N 1 U the wind park interconnection projects on the A L R islet of Agios Georgios. 5 E P O R T 2 0 1 5 7 4. Vision - Mission - Values The vision of Hellenic Cables is to contribute to the improvement of end consumers’ quality of life, through the manufacture of reliable and safe products with advanced technologies that are friendly to both users and environment.
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