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Heracles: Losses Of 32.22 Million In 9M11

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Heracles Group reported losses after taxes of €32.22 million in the nine month period of 2011, compared with €14.09 million Euros losses after taxes in the same period of 2010. In the nine months of 2011, the Company presented losses after taxes of €20.06 million compared with €1.92 million losses in 2010.

Heracles Group of Companies announced today sales of €215.00 million for the nine months of 2011, decreasing by 29.5% compared to the same period in 2010. Sales of the Company were at €186.22 million, decreasing by 30.0% compared with the nine month period of 2010.

The Group’s earnings before taxes, interest, depreciation and amortization (EBITDA) was €2.90 million compared with €41.24 million in the nine month period of 2010. The Company’s EBITDA amounted to €9.72 million compared with €45.02 million in the corresponding period of 2010.

The decrease in the sales of the Group and the Company in the nine month period of 2011 reflects the continuous recession in the domestic market of private and public construction activity, as the result of the further deterioration of the economic environment. The Group’s and the Company’s results was significantly affected by the impairment of idle fixed production assets, during the first semester.

In the framework of the Lafarge Group Excellence strategic plan, the Company continued its measures to reduce operating costs and optimize the production and supply chain processes. In the nine months 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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