Contents
CABLEL Group at a
Glance
2014 Results Highlights
Strong Market Position
Positive Market Outlook
CapEx Fueling Growth
2
CABLEL Group at a glance
Largest cable producer in SE Europe, with 6 production plants in Greece, Romania &
Bulgaria
Exports to over 50 countries globally
351,8
13,2
3,8%
0,6
0,4
102,4
414,6
20,9
5,0%
3,6
3,3
151,8
2010 20111 2012
Turnover (€ mil.)
EBITDA (€ mil.)
EBITDA Margin
Results Before Tax (€ mil.) Results After Tax and
Minority Interest (€ mil.) Net Debt (€ mil.)
2009
439,3
10,7
2,4%
(13,3)
(11,2)
150,1
241,6
11,1
4,6%
(0,2)
(1,2)
83,3
2013
345,3
1,1
0,3%
(19,6)
(21,1)
179,3
20142
359,4
(10,7)
(3,0%)
(37,9)
(30,3)
217,6
(1) Fulgor is consolidated since August 1st 2011 (2) 2014 results were adversely affected by the revaluation of fixed assets (€11,2 mil.)
3
Production of
cables by
VIOHALCO
1950
Operation of
New LSF
Production line 2006
New Thebes
Cable Plant
Start-up of
HV
Line
2003
1999
Acquisition
of ICME
ECAB S.A.
Listed in the
Athens Stock
Exchange 1994
1982
Production
of XLPE
Insulated
MV cables
Establishment
of Hellenic
Cables S.A. 1973
2001
Technical
know-how
Agreement
With
Furukawa Electric
Interconnection
Of islands
Thasos & Egina 2012
Operation
of second
HV/EHV
Line up to
500kV
2007
1950 2015
Acquisition
of FULGOR SA 2011
A long history of successful growth
€60+ mil.
Investment
Plan for HV
Sub Cables
2012-2
014
4
19
70
Production
of paper
insulated
MV & HV
cables
Cyclades
Interconnection
Project
Assignment
(€93Μ)
2014
Hellenic Cables Group Structure
Power
Cables,
Greece *
Lesco
Romania
65%
ICME
99%
Fulgor
100%
Lesco Ltd
99%
Hellenic
Cables
Wood Packing,
Scrap Recycling,
Romania
Power & Telecom Cables,
Romania
* Consolidated from 2nd Half 2011
0
40.000
80.000
120.000
160.000
BeforeFulgor
AfterFulgor
Hel. Cables ICME Fulgor
Power & Telecom Cables,
Enameled Wire, Greece
Wood Packing
Materials,
Bulgaria
+45%
Evolution of
Cable Production Capacity
tons
5
Contents
CABLEL Group at a
Glance
2014 Results Highlights
Strong Market Position
Positive Market Outlook
CapEx Fueling Growth
6
2014 Financial Results Highlights Sales Increase, driven by exports outside EU
7
30.000
50.000
70.000
90.000
2010 2011 2012 2013 2014
78.845
87.538
96.861
77.794 84.830
0
100
200
300
400
500
2010 2011 2012 2013 2014
352
415 439
345 359
Evolution of Group Turnover (tons) Evolution of Group Turnover (mil. €)
0
100
200
300
2010 2011 2012 2013 2014
138 121 112
91 93
35 46 32 37 36
161
235
280
194 193
17 13 15 23 37
Greece Romania EU Asia, US and Rest
Prompt Market
Diversification as a
response to
reduction in
domestic demand
and market
attractiveness
Evolution of Group Turnover by Market (mil. €)
2014 Financial Results Highlights Profitability affected by to a number of factors
Evolution Of Group Adjusted EBITDA (mil. €) Evolution Of Group Adjusted EBIT (mil. €)
0,0
5,0
10,0
15,0
20,0
25,0
2010 2011 2012 2013 2014
13,2
20,9
10,7
1,1 0,5
-10,0
-5,0
0,0
5,0
10,0
15,0
2010 2011 2012 2013 2014
5,1
11,8
2,1
-7,1 -8,8
Source: Hellenic Cables Financial Statements, Consolidated Figures
Adjusted Data for 2014 do not include the adverse effect from the revaluation of fixed assets (€11,2 mil. loss)
• Increased Exports to markets outside Europe
• Decreased production costs due to productivity improvements and cost reduction initiatives
• Accounting losses due to revaluation of assets (only negative readjustments in P&L, net readjustment +€35,6M)
• Accounting losses due to metal result (due to unhedged metal stocks)
• Inactivity costs during the upgrade of existing equipment and installation of new equipment in Fulgor
8
0% 10% 20% 30% 40%
2010
2011
2012
2013
2014
31%
28%
25%
23%
21%
Group Working Capital / Turnover
Net Debt Liquidity
0,0 100,0 200,0 300,0
2010
2011
2012
2013
2014
102,4
151,8
150,1
179,3
217,6
0,00 0,50 1,00 1,50
2010
2011
2012
2013
2014
1,40
1,25
1,08
1,15
0,89
Bank Loans/ Total Assets
0% 20% 40% 60%
2010
2011
2012
2013
2014
44%
49%
49%
53%
51%
9
Source: Hellenic Cables Financial Statements, Consolidated Figures
2014 Financial Results Highlights Solid Financial Position
Contents
CABLEL Group at a
Glance
2014 Results Highlights
Strong Market Position
Positive Market Outlook
CapEx Fueling Growth
11
Strong Market Position
Leading Position in home markets
GREECE Leading Position
Market Share ~ 55%
ROMANIA Leading Position
Market Share ~ 40%
Source: Company estimates
12
GREECE Leading Position
Market Share ~ 45% Market size ~ 135M€
ROMANIA Leading Position
Market Share ~ 40% Market Size ~ 85Μ€
Significant growth potential
for power grid expansion
Strong Market Position
Extensive sales network
Hellenic
Cables utilizes
VIOHALCO’s
sales network,
as well as
independent
sales agents,
while
maintaining
direct contact
with key
accounts
13
39%
10%
46%
3% 29%
11% 57%
1% 25%
7%
64%
2%
26%
11% 56%
2% 26%
10%
54%
1%
3%
Greece Romania EU Europe Rest Asia Rest
2012
2011
2010
2013
2014
Strong Market Position
Export Oriented Sales Strategy
The Group exhibits flexibility in adjusting customer mix based on market conditions
Turnover 2014 Turnover 2010-2014
14
Greece
93M€
26%
Romania
36Μ€
10%
E.U. 193Μ€
54%
Rest 4Μ€ Asia
10Μ€
America 23Μ€
Strong Market Position
Indicative Customer References 15
E-ON * ENEL * ERDF * AREVA * PPC * IBERDROLA * INEO * CE
ELECTRIC UK * OTE * ELECTRICITY NORTHWEST * VATTENFALL
* MINISTRY OF ELECTRICITY AND WATER OF KUWAIT *
DEWA OF DUBAI * PUBLIC ELECTRICITY CORPORATION OF
LIBYA * MINISTRY OF WORKS, POWER AND WATER OF
BAHRAIN * ELECTRICITE DU LIBAN * ENERGIE AG *
SONELGAZ * EnBW * WTEC
Utilities Trade and Installers
HYUNDAI * SIEMENS * VE ELECTRIC UK * DOOSAN *
SAGEM * ABB * CARILLION * VATTENFALL * BRITISH
RAIL * ENERGIE AG * METRO DE MADRID * TERNA *
CYTA * STEWAG * SONELGAZ WTEC * GES
Industrial
BATT CABLES * FABER KABEL * CLEVELAND CABLE
COMPANY * ANIXTER * SONEPAR * MEINHART KABEL *
HELUKABEL
*Receivers of our products through our distribution lines
Enameled Wire for
Transformers
Enameled Wire for
Motors
Telecommunication
Network Cables
Data Transmission
Cables
Signaling,
Instrumentation
and
Control Cables
Installation &
Building Cables
Industrial Cables
Wind Parks
Solar Farms
Marine
Railway &
Underground
Mining &
Tunneling
Power Network
Cables
Transmission
Distribution
Compounds
for Cables
Compounds for
other industrial
uses
Strong Market Position
Major Product Groups
Power Cables Telecom Cables Enameled Wire Compounds
16
MV Submarine
Cables
Paper
Insulated
Pb Insulated
HV Submarine
Cables under
development
Fiber Optic
Submarine Cables
Composite
Submarine Cables
Submarine
Cables
Contents
CABLEL Group at a
Glance
2014 Results Highlights
Strong Market Position
Positive Market Outlook
CapEx Fueling Growth
18
Significant growth prospects due to
increasing needs for infrastructure cables…
Network Expansion Projects are scheduled due to
increased needs for cross-border connectivity, connection
of renewable energy sources, implementation of smart
grid practices and replacement of aging power networks
Increased demand for underground HV/ EHV cables
within populated areas & submarine cables for island
connectivity
European SuperGrid 2050
Source: Friends of the SuperGrid
19
… as well as for industrial cables, especially
for investments in renewable energy sources
World Total Installed Wind Capacity (MW)
0
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Source: World Wind Energy Association
Increased demand for renewable energy sources
since Fukushima Daiichi accident
Significant demand for submarine cables for off-shore
wind farms
20
Prospects for Submarine Cables
21
Europe Offshore Wind Installations (MW)
3GW of offshore wind capacity
will come online in European
waters over the next few years.
Source: European Wind Energy Association
According to European Network of
Transmission System Operators for
Electricity (ENTSO-E) 10-year plan,
almost 10.000 km of new subsea
routes are envisaged, split almost
rather equally between the two 5-
year sub-periods
In Greece, more that 300km of subsea
routes are planned for the next 3 years
Hellenic Cables has already been
assigned part of Cyclades Interconnection
Project (€93 million project) and Saint
George Interconnection Project (€36
million project)
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Cumulative Previous Years Annual
Demand for telecom cables picks up
in order to support new services…
Continuing large-scale build-out in major countries in
East, with more builds likely over the next few years
More incumbent involvement in Western European
countries including Finland, France, Netherlands,
Portugal, Spain, Sweden, Switzerland
1.932 3.3905.817
8.89812.292
16.138
20.461
25.205
30.105
35.220
40.795
46.658
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
45.000
50.000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: FTTH Council Europe, report by Heavy Reading
Total Connected Households, ‘000
22
…while demand for building cables &
enameled wires can only improve
Demand stabilized after building sector downturn Gradual increase in demand expected due to new buildings, replacement of existing wiring and implementation of smart grid technologies in households Focus on value added products, such as flame retardant cables
Building Cables
Demand increase expected in 2015, affected
significantly by developments in the energy sector Opportunities such as investments in the energy sector, hybrid & electric autos, EU programs for energy efficiency
Enameled Wires
Both copper and aluminium is used in power cables
thus no substitution risks due to metal prices
23
Contents
CABLEL Group at a
Glance
2014 Results Highlights
Strong Market Position
Positive Market Outlook
CapEx Fueling Growth
24
CapEx Fueling Growth
Modern production facilities
Cable Plant, Thebes, Greece
Capacity: 60.000 Tons
Enameled Wire Plant,
Livadia, Greece
Capacity: 14.000 Tons
Compound Plant,
Inofita, Greece
Capacity: 24.000 Tons
ICME, Bucharest, Romania
Capacity: 50.000 Tons
1
2
3
4
25
CapEx Fueling Growth
Our newest addition
FULGOR Acquisition Aug 2011
Cable Producer since 1957
Production of HV cables since 1995, submarine
MV cables since 1973
Strong Reference List
Vertical Integration through production of Copper
& Aluminium Wire Rod
Docking facilities for loading submarine cables
into cable-laying vessels
Capacity of appr. 50.000 tons cables & 120.000
tons wire rod
Skilled personnel
Potential for ΕHV submarine cables (up to 230KV
for AC/ up to 500KV for DC)
26
CapEx Fueling Growth
Significant growth investments
• Significant investments during 2000-2010 focused on productivity & capacity increase, as well as
product diversification (increased production of MV cables, production of value added products such
as HV/EHV cables)
• Significant Investment 2011-2014 for production of High Voltage Submarine Cables in Fulgor, which is
exceeded € 60 million
mil. €
27
+25 +11 +4 +5 +6 +9
+12 +12 +5 +8 +15 +53
+31
0
50
100
150
200
250
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
28
Market Growth Potential
Expected Profitability/Market
Attractiveness
Extra HV
MV
Submarine HV AC
Submarine
HV DC
Submarine
Developed High-End Products
Products Under Development
Extra HV AC
Submarine
Submarine
Pipes
Umbilicals for
Oil & Gas
High Temp Low
Sag Conductors
Flame Retardant
Cables
Special Cables for
Wind Farms, Solar
Parks, Mining,
Railway etc
CapEx Fueling Growth
Continuous introduction of new products
Successful completion of 400KV
PQ test, Qualifying Cablel to sell
EHV Cables to utilities
Development of value add
products for evolving segments,
such as solar cables, aluminum
enameled wires
2010 -2011
2012 -2015 (Under Development)
High Temp Low Sag Conductors
(ACSS/ TW. GAP) (1st sale
completed in 2012
500KV Extra HV Cables
AC/DC Submarine Cables
Submarine Pipes
Umbilicals for Oil&Gas
• Targeted Product Development for high value add markets
• Diversification
• Technical assistance agreements with leading Japanese cable manufacturer, Furukawa
‒ High Voltage/ Extra High Voltage cables, as well as for submarine cables
Disclaimer
The information contained in this presentation has not been independently verified and no representation or warranty, express
or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the
information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or
representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of
this document or its contents or otherwise arising in connection with this document.
Unless otherwise stated, all financials contained herein are stated in accordance with International Financial Reporting Standards
(‘IFRS’ ) or Greek GAAP.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it
shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.
The information included in this presentation may be subject to updating, completion, revision and amendment and such
information may change materially. No person is under any obligation to update or keep current the information contained in
the presentation and any opinions expressed in relation thereof are subject to change without notice.
This presentation is only for persons having professional experience in matters relating to investments and must not be acted or
relied on by persons who do not have relevant experience.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements.
Except for historical information, the matters discussed in this presentation are forward-looking statements that are subject to
certain risks and uncertainties that could cause the actual results of operations, financial condition, liquidity, performance,
prospects and opportunities to differ materially, including but not limited to the following: the uncertainty of the national and
global economy; economic conditions generally and the Company’s sector specifically; competition from other Companies.
Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the
date of this presentation, and we undertake no obligation to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
29