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ANNOUNCEMENTS

Heracles: 1st Semester 2011 Results

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Heracles Group of Companies announced today sales of 147.45 million Euros for the first semester of 2011, decreasing by 30.5% compared to the same period in 2010. Sales of the Company were at 128.05 million Euros, decreasing by 30.8% compared with the first semester of 2010. 

The Group’s earnings before taxes, interest, depreciation and amortization (EBITDA) was negative amounting to 24.01 million Euros. In the respective period of 2010 the Group’s EBITDA was 37.95 million Euros. The Company’s EBITDA was negative amounting to 18.98 million Euros compared with profit of 40.35 million Euros in the corresponding period of 2010. 

The Group presented in the first semester of 2011 losses after taxes of 42.76 million Euros, compared with 2.46 million Euros losses after taxes in the same period of 2010. In the first semester of 2011 the Company presented losses after taxes of 34.17 million Euros compared with 5.70 million Euros profit after taxes in 2010. 

The decrease in the sales of the Group and the Company in the first semester of 2011 reflects the continuous decline in the domestic market of private construction activity as well as public infrastructure construction activity. The Group’s and the Company’s earnings before taxes, interest, depreciation and amortisation (EBITDA) was significantly affected by the impairment of idle fixed production assets. 

In the framework of the Lafarge Group Excellence strategic plan, the Company continued its measures for the reduction of operating costs and the optimization of the production and supply chain processes. In the first semester of 2011, the significant reduction of fixed cost partially offsets the effects of the domestic and international market deterioration as well as the increase in fuel prices.

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