Group Financial Performance Q3 & 9M 2004 (pro forma) Canning Square Car Park, Athens.

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Group Financial Performance Q3 & 9M 2004 (pro forma) Canning Square Car Park, Athens

Transcript of Group Financial Performance Q3 & 9M 2004 (pro forma) Canning Square Car Park, Athens.

Group Financial Performance

Q3 & 9M 2004(pro forma)

Canning Square Car Park, Athens

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9M 2004 - Financial Highlights

Improved performance over 9M 2003 - Turnover +8.8% to €404.8 m

- Gross Profit +6.3% to €58.7 m- EBITDA +1.7% to €51.3 m- EBIT +5.9% to €44.9 m- Pre-Tax Profit after minorities +3.7% to €41.1 m

Easing profit margins- Gross margin 14.5% (vs 14.8% in 9M 2003)

- EBITDA Margin 12.7% (vs 13.6%)- EBIT Margin 11.1% (vs 11.4%)- Pre-Tax Margin 10.1% (vs 10.7%)

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Third Quarter 2004 - Financial Highlights

Lower profitability versus Q3 2003 - Turnover +14.2% to €144.7 m

- Gross Profit -3.4% to €16.1 m- EBITDA -11.2% to €14.0 m- EBIT -8.8% to €11.8 m- Pre-Tax Profit after minorities -12.2% to €10.4 m

Subdued profit margins- Gross margin 11.2% (vs 13.2% in Q3 2003)

- EBITDA Margin 9.7% (vs 12.4%)- EBIT Margin 8.2% (vs 10.2%)- Pre-Tax Margin 7.2% (vs 9.4%)

Group Results – Nine Months

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amounts in € m 9M 2004 9M 2003 chg

Turnover 404.8 372.0 8.8%

Gross Profit 58.7 55.2 6.3%

Other Income 1.5 0.4

Operating Expenses 15.2 13.3

Financial Results -1.6 -1.0

Extraordinary Results -0.2 0.2

Depreciation 8.1 9.7

-included in operating cost 6.4 8.1

Minorities 0.0 -0.1

Tax Adjustments 0.4 0.3

Pre-Tax Earnings after Minorities

41.1 39.6 3.7%

EBITDA 51.3 50.5 1.7%

EBIT 44.9 42.4 5.9%

Group Results – Third Quarter

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amounts in € m Q3 2004 Q3 2003 chg

Turnover 144.7 126.8 14.2%

Gross Profit 16.1 16.7 -3.4%

Other Income 0.5 0.1

Operating Expenses 4.8 3.8

Financial Results -0.7 -0.4

Extraordinary Results -0.2 0.1

Depreciation 2.7 3.3

-included in operating cost 2.1 2.8

Minorities 0.0 0.0

Tax Adjustments 0.0 0.3

Pre-Tax Earnings after Minorities

10.4 11.9 -12.2%

EBITDA 14.0 15.8 -11.2%

EBIT 11.8 13.0 -8.8%

Consolidated Balance Sheet

amounts in € m09/200

406/2004

09/2003

Start-Up Expenses 1.1 1.3 1.7

Fixed Assets 169.4 169.1 172.0

Current Assets 220.1 229.4 150.9

Transitory Accounts 24.1 14.5 29.8

Total Assets 414.7 414.3 354.4

Shareholders’ Funds 247.9 238.1 242.4

Provisions 2.4 2.4 1.7

Liabilities 164.2 173.5 110.1

Transitory Accounts 0.2 0.3 0.2

Total Liabilities 414.7 414.3 354.4

Net Debt 41.0 20.9 15.9

Capex 3.7 3.0 10.3

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Group Financial Highlights

amounts in € m 2000 2001 2002 2003

Turnover 296.7 368.5 445.5 523.4

Gross Profit 50.5 58.2 68.8 78.9

EBITDA 38.5 51.1 58.4 69.8

Pre-Tax Earnings(after minorities)

28.0 40.8 44.7 56.8

Net Earnings 15.6 22.0 28.5 34.6

Shareholders’ Funds 187.6 201.3 203.7 207.5

EPS €0.38 * €0.30 €0.39 €0.47

DPS €0.10 €0.10 €0.30 €0.32

Market Capitalisation (29/11/2004)

€318 m

P / E 9.2x

* adjusted for rights issue

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Nine-Monthly Financial Performance

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Turnover (in € m)

€ 0

€ 100

€ 200

€ 300

€ 400

9M 2000 9M 2001 9M 2002 9M 2003 9M 2004

Gross Profit (in € m)

€ 0

€ 15

€ 30

€ 45

€ 60

9M 2000 9M 2001 9M 2002 9M 2003 9M 20040%

5%

10%

15%

20%

Gross Profit Gross Margin

EBITDA (in € m)

€ 0

€ 15

€ 30

€ 45

€ 60

9M 2000 9M 2001 9M 2002 9M 2003 9M 20040%

4%

8%

12%

16%

EBITDA EBITDA Margin

Pre Tax Earnings (in € m)

€ 0

€ 15

€ 30

€ 45

9M 2000 9M 2001 9M 2002 9M 2003 9M 20040%

4%

8%

12%

Pre Tax Earnings Pre Tax Margin

Quarterly Financial Performance

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Turnover (in € m)

€ 0

€ 50

€ 100

€ 150

2000 2001 2002 2003 2004

Gross Profit (in € m)

€ 0

€ 10

€ 20

€ 30

2000 2001 2002 2003 20040%

7%

14%

21%

Gross Profit Gross Margin

EBITDA (in € m)

€ 0

€ 8

€ 16

€ 24

2000 2001 2002 2003 20040%

6%

12%

18%

EBITDA EBITDA Margin

Pre Tax Earnings (in € m)

€ 0

€ 6

€ 12

€ 18

2000 2001 2002 2003 20040%

5%

10%

15%

Pre Tax Earnings Pre Tax Margin

INVESTING IN THE FUTURE

Investor Relations OfficerAngelos Kiosklis9 Frangokklisias St, 151 25, Marousi, Greecetel +30-210-6185592fax +30-210-6185698email [email protected]