Heracles GroupHeracles GroupAnalysts’ Day - 12Analysts’ Day - 12thth April 2006 April 2006

Highlights 2005

Financial & Market Overview

Financial Performance

AgendaAgenda

Highlights 2005Highlights 2005

Domestic market decline lower than expected

Better market conditions for exports

Increased fuel prices affected operating margin

44.1 million € refunded by Greek State

Positive net tax effect of 50.3 million € from

property revaluation

Full compliance with Sarbanes Oxley Act

Acquisition of ATLAS S.A. (Aggregates)

Financial OverviewFinancial Overview

in mio € 2005 2004 variance

Turnover 609,1 588 3,59%

Operating Profit 92,6 97 -4,54%

Net Profit after Tax 158,7 96,3 64,80%

Proposed dividend 0,95 € 0,40 € 137,50%

Market OverviewMarket Overview

Historical growth due to the Olympic Games construction projects Solid future evolution driven mainly by private housing One of the highest per capita consumptions worldwide, driven by

– Significant use of concrete in the buildings

– Housing & real estate viewed as a solid investment

– Potential for summer housing / secondary housing for Northern Europeans

– Infrastructure still lagging behind European standards

M tons

7,4 7,78,2 8,6 8,9

9,4

10,511,0

10,4 10,1 10,2

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Market Shares – Customer StructureMarket Shares – Customer Structure

Heracles is the market leader Ready Mix concrete producers consume two thirds of the total cement supplies

Customer Structure

Constru-ction Co

8%

Distri-butors22%

Ready Mix67%

Other3%

Market Share

Competition

48%

Heracles52%

0%

Heracles Sales BreakdownHeracles Sales Breakdown: Domestic / : Domestic / ExportsExports

Domestic sales are expected to absorb the majority of our production Exports (cement & clinker) will cover the rest of our production capacity

4,7 4,9 5,4 5,9 5,4 5,3 5,2

4,3 3,5 2,3 2,7 2,9 3,1

1

2,2

0,50,50,50,4

0,5

2000 2001 2002 2003 2004 2005 2006

Mto

ns

Domestic Cement Export Cement Export Clinker

Profit & Loss EvolutionProfit & Loss Evolutionin € thousands GROUP

2003 2004 2005

Turnover 608.204 588.001 609.081Cost of sales (443.948) (444.726) (471.749)

Gross margin 164.256 143.275 137.332

Administrative & Selling expenses (46.828) (46.236) (44.781)Other revenues/(expenses) 458 (201) 41.880Share of profits/(losses) of associates 0 26 (34)

Profit from operations 117.886 96.864 134.397

Financial revenues/(expenses) (6.222) (2.519) (310)

Net income before tax 111.664 94.345 134.087

Taxation (44.260) 1.955 24.606

Net income after tax 67.404 96.300 158.693

Cement market decreased by 3% due to the finalization of Olympic projects and the reduction of public spending

Exports volume increased by 8% thanks to higher production availability (lower domestic sales ) Domestic selling prices increased gradually by 4,8 % (1 general increase and 4 targeted increases)

Export selling prices increased by 15% thanks to better market conditions

Sales Variance Analysis 2005 vs Sales Variance Analysis 2005 vs 20042004

609.081

588.00110.351

6.074

26.414

1.057

575.000

595.000

Total turnover2004

Domesticcementvolume

variance

Export cementvolume

variance

Cement pricevariance

A&C and othersubsidiaries

variance

Total turnover2005

NPAT Variance Analysis 2005 vs 2004NPAT Variance Analysis 2005 vs 2004

96.300

158.69321.080 27.023

1.547

44.138

22.651

50.000

60.000

70.000

80.000

90.000

100.000

110.000

120.000

130.000

140.000

150.000

160.000

NPAT 2004 Salesvariance

COSvariance

SGA & οther Greek Staterefund

Taxvariance

NPAT 2005

Cost of sales adversely affected by increased prices in fuels Greek State refund 44.1 m € recorded as exceptional income Deferred tax positively affected by property revaluation for tax purposes

Fuel Prices Evolution

0

10

20

30

40

50

60

70

80

2003 2004 2005

So

lid

Fu

el

Pri

ces (

US

$ /

mt)

Steamcoal Petcoke

Balance Sheet EvolutionBalance Sheet Evolutionin € thousands GROUP

31.12.2003 31.12.2004 31.12.2005

Fixed & long-term assets 696.458 659.313 651.418

Working Capital 116.241 115.575 120.130

Net cash 0 39.244 102.462

Total 812.699 814.132 874.010

Long-term liabilities 202.692 156.874 87.406

Net debt 20.617 0 0

Shareholders' equity 589.390 657.258 786.604

Total 812.699 814.132 874.010

Ass

ets

Liabilit

ies

&

Share

hold

ers'

eq

uit

y

Bank Loans EvolutionBank Loans Evolution

60.015

37.634

33.071

24.447

13.1872.497

-9.000

1.000

11.000

21.000

31.000

41.000

51.000

61.000

Loan Balance31.12.2003

Settlement SubsidiaryDisposal

Loan Balance31.12.2004

LeveragedAcquisition

Loan Balance31.12.2005

2004 2005

Shares IndicatorsShares IndicatorsP/ E

8,33

4,486,70

FY '03 FY '04 FY '05

P/ BV

0,90

0,950,98

FY '03 FY '04 FY '05

Dividend per share

0,40 0,40

0,95

FY '03 FY '04 FY '05

Earnings per share (EPS)

0,951,35

2,23

FY '03 FY '04 FY '05

Profitability IndicatorsProfitability Indicators

11,44%14,62%14,65% 11,90%

20,17%15,38%

ROE ROIC2003 2004 2005

27,01%

11,08%

24,37%16,38%

22,55% 26,05%

Gross Margin Net Margin2003 2004 2005

Working Capital IndicatorsWorking Capital Indicators

48

76

39

52

76

49

60

81

3430

40

50

60

70

80

90

D.P.O. D.I. D.S.O.

2003 2004 2005

Cash Flow 2005Cash Flow 2005

77.461

185.811 35.352

13.405

72.780

13.187

50.000

70.000

90.000

110.000

130.000

150.000

170.000

190.000

Adjusted EBITDA Capex & Invest Working Capital Interest, Tax &Dividends

Loan Proceeds Net Increase in Cash