Sales positively affected by stronger domestic demand from low levels, but adverse impact of exchange rates on export sales.

Return to positive Group EBITDA. Innovation initiatives and efforts to optimize costs continue.

Heracles GCCo Group of Companies (Group) announced today sales of 177.2 million Euros for the nine months of 2014, decreased by 0.2% compared with 177.5 million Euros in the same period of 2013. Sales of the Company were at 157.1 million Euros, decreased by 1.7% compared with 159.8 million Euros in the nine months of 2013. 

The Group's earnings before taxes, interest, depreciation and amortization (EBITDA) was a profit of 9.2 million Euros in the nine months of 2014 compared to a loss of 121.3 million Euros in the same period of 2013. The Company's EBITDA was a profit of 14.5 million Euros in the nine months of 2014 compared to a loss of 116.4 million Euros in the nine months last year.

The Group presented in the nine months of 2014 net losses after taxes of 15.1 million Euros, compared to 118.0 million Euros losses after taxes in the same period 2013. In the nine months of 2014, the Company presented net losses after taxes of 5.4 million Euros compared to 107.9 million Euros losses after taxes in 2013.

The decrease of the turnover in the nine months of 2014, compared to the corresponding period of 2013, is attributed to the negative impact of the exchange rate of Euro against the US dollar on the Group's export sales that has somewhat offset the slight improvement of the domestic market. The increased construction activity in public and co-financed infrastructure, and mainly the major road projects, has positively affected sales volumes. As per the private construction activity, it remained at low levels in the nine months of 2014.

In addition, the Group and the Company continued in the nine months of 2014 implementing measures to reduce operating costs and optimize performance in production, supply chain and administration activities, supporting the improvement of the gross profit, which turned positive. At the same time efforts to explore opportunities for offering innovative products and solutions both in domestic and international markets have intensified.

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