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Heracles Group: 1st Quarter 2011 Results

Results reflect the further decline of building activity 

Heracles Group of Companies announced today sales of 70.28 million Euros for the first quarter of 2011, decreasing by 26.1% compared to the same period in 2010. Sales of the Company were at 61.05 million Euros, decreasing by 25.6% compared with the first quarter of 2010. 

The Groups earnings before taxes, interest, depreciation and amortisation (EBITDA) was negative amounting to 9.38 million Euros. In the respective period of 2010 the Groups EBITDA was 9.19 million Euros. The Companys EBITDA was negative as well amounting to 7.19 million Euros. In the first quarter of 2010 the Companys EBITDA was 10.51 million Euros. 

The Group presented in the first quarter of 2011 losses after taxes of 18.78 million Euros, compared with 4.17 million Euros losses after taxes in the same period of 2010. n the first quarter of 2011 the Company presented losses after taxes of 14.86 million Euros compared with 0.77 million Euros losses after taxes in 2010. 

The decrease in the sales of the Group and the Company in the first quarter of 2011 reflects the further slowdown of the building activity. The cement demand in the domestic market was mainly affected by the continued decline in private construction activity as well as the slowdown of the construction activity in public infrastructure. 

In the framework of the Lafarge Group Excellence strategic plan, intensified efforts and measures continue for the reduction of operating costs and the optimization of the production and supply chain processes.
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