14th September, 2017 Europe Greece

Basic Resources - Nonferrous Metals

IR RELEASE H1 2017 Company Description

HALCOR is a leading Group of companies that specializes in the production, processing and marketing of copper, copper alloys and zinc products. It has a dynamic commercial presence in the European and global markets. For more than 75 years. The Group develops and distributes a wide range of products, including copper and copper alloy rolled and extruded products with HALCOR being the sole producer of copper tubes in Greece.

Share Data

Η1' 17 Results

Consolidated revenue from continued operations reached Euro 465.3 mil. in the first half of 2017 versus Euro 353.6 mil. in the respective period of 2016, increased by 31.6%. The increase in the revenue is attributable to the increase of sales volume by 14% as well as the uptrend of the average prices of metals. More specifically, the average price of copper was higher by 26.1% in the first half of 2017 (Euro 5,312 per ton versus Euro 4,213 per ton for the first half of 2016), and the price of zinc stood at an average of 54.3% higher (Euro 2,486 per ton vs. Euro 1,611 per ton in H1'16). Consolidated results before interest, tax, depreciation and amortization from continued operations (EBITDA) reached in H1'17 a profit of Euro

Price (€)

0.998 (13/9/17)

# of shares

101,279,627

Capitalization (mil.€)

101.1

% change since 31/12/2016

+137%

52 wks high (€)

0.998

52 wks low (€)

0.286

REUTERS

XAKO.AT

BLOOMBERG

XAKO:GA

32.5 mil. versus a profit of Euro 16.2 mil. in H1'16. Consolidated results before tax and interest from continued operations (EBIT) accumulated for H1'17 to profit of Euro 24.5 mil. versus Euro 8.5 mil. H1'16. Consolidated earnings before taxes from continued operations (EBT) amounted for the first half of 2017 to a profit of Euro 10.3 mil. compared to profit of Euro 0.1 mil. in H1'16.

Results Η1'17

(M €) Η1'17 Η1'16 Δ (% ) Turnover 465.3 353.6 31.61%

Gross Profit 35.9 19.3 86.01%

EBITDA (adj.) 23.8 17.0 40.00%

EBITDA 32.5 16.2

EBIT 24.5 8.5

EBT 10.3 0.1

EATAM 6.8 0.7

Margin Gross Profit 7.71%5.46%

EBITDA (adj.) 5.12%4.82%

EBITDA 6.97% 4.59%

Finally, the results after tax and minority interests from continued operations amounted to a profit of Euro 6.8 mil. or Euro 0.0672 per share, compared to profit of Euro 0.7 mil. or Euro 0.0067 per share in H1'16.

In regards to the parent company's performance, revenue reached Euro 242.9 mil. in H1'17 versus Euro 218.9 mil. in H1'16 increasing by 11.0% following on the one hand the uptrend in the metal prices, and on the other the increase in volumes sold by 3.7%, while results before interest, tax, depreciation and amortization (EBITDA) amounted during the first half of 2017 to profits of Euro 14.5 mil. versus profits of Euro 9.6 mil. in H1'16. Results before tax and interest (ΕΒΙΤ) totaled to profits of Euro 11.0 mil. for H1'17 versus profit of Euro 6.3 mil. for the prior year respective period. Earnings after taxes, amounted to a profit of Euro 3.7 mil. in H1'17 compared to a loss of Euro 1.9 mil. in the first half of 2016.

Shareholders Structure

Free Float 31.72%

The effect of the fluctuation of the copper price in the international markets to the result for the consolidated continued operations was positive, amounting to Euro 8.6 mil for the first half of 2017 versus negative for the respective 2016 period amounting to Euro 0.8 mil. At Company level, the positive effect amounted to Euro 2.4 mil. versus loss of Euro 1.1 mil. for the respective prior year period. Furthermore, the financial result was positively affected by the stabilization of costs and the improvement of the sales profitability per unit of product as the companies have started to surpass the critical volume thresholds which are necessary for profitability after the prior years' important investment projects.

For the second half of 2017, the completion of the merger between the two companies will be the main pillar of the formulation of the future plans of the two merging companies. The Group will continue to have as a primary strategic target the expansion through the increase of exportation as much in Europe as in markets outside Europe, and the increase of market shares in industrial products and the strengthening of its activity in new markets.

VIOHALCO

68.28%

HALCOR SA: 62th km. ATHENS - LAMIA NATIONAL ROAD, 32011, INOFYTA - VIOTIA

Tel.: +3022620 31541, fax: +3022620 31576, www.halcor.com

C.F.O. : Spyros Kokkolis skokolis@halcor.com

Ιnvestor Relations: Alexandros Kompotis akompotis@halcor.com

September 2017 HALCOR S.A • IR Release

Consolidated Financial Results from continued operations Sales Mix

H1'17

('000 €)

H1 2017

H1 2016

Turnover

465,325

353,577

Cost of Sales

-429,442

-334,275

Gross Profit

35,883

19,302

Other operating income / (expenses) - net

14

-167

Selling Expenses

-4,400

-3,939

Administrative Expenses

-6,994

-6,693

EBITDA Adjusted

23,836

17,045

EBITDA

32,455

16,224

Depreciation

-7,951

-7,721

EBIT

24,503

8,503

Financial Expenses - net

-11,799

-8,426

Share of profit / loss from associates

-2,402

-28

EBT from continued operations

10,303

49

Tax related to continued operations

-2,642

438

Discontinued operation, net of tax

0

-216

Earning after Tax

7,661

271

Earning after Tax, non controlling interests from continued operations

6,805

679

Margin analysis %

Gross Profit

7.71%

5.46%

EBITDA adj.

5.12%

4.82%

EBITDA

6.97%

4.59%

EBT from continued operations

2.21%

0.01%

Earnings after tax and non-controlling from continued operations

1.46%

0.19%

15%

10%

44%

31%

Tubes Cu Rolling Cu + Ms

Rods & Tubes Ms Bus Bars & Rods Cu

H1'16

14%

10%

48%

28%

Tubes Cu Rolling Cu + Ms

Consolidated Statement of Financial Position

Rods & Tubes Ms Bus Bars & Rods Cu

Consolidated adj. EBITDA (in M €) from continued operations

('000 €)

H1 2017

FY 2016

ASSETS

Fixed assets

366,774

374,664

Inventories

140,513

119,259

Trade receivables

60,834

37,306

Other current assets

27,459

12,283

Cash and cash equivalents

9,681

23,843

TOTAL ASSETS

605,260

567,355

EQUITY & LIABILITIES

Share capital (101.279.627 of € 0,38)

38,486

38,486

Other Company's shareholders equity

58,729

51,677

Company's shareholders equity

97,215

90,163

Minority rights

10,219

9,386

Total Equity

107,435

99,549

Long term borrowings liabilities

217,126

239,604

Provisions / Other long term liabilities

35,891

36,894

Short term borrowings liabilities

148,162

106,742

Other short term liabilities

96,645

84,566

Total Liabilities

497,824

467,806

TOTAL EQUITY & LIABILITIES

605,260

567,355

+40%

23.8

17.0

H1'16

H1'17

This presentation may contains forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Further details of potential risks and uncertainties affecting HALCOR Group are described in the HALCOR's filings with the Athens Stock Exchange. These forward-looking statements speak only as of the date of this presentation.

Page 2

Halcor SA published this content on 14 September 2017 and is solely responsible for the information contained herein.
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