group annual accounts 2004. 2 financial highlights – 2004 vs 2003 headline figures * turnover...
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GroupAnnual Accounts 2004
2
Financial Highlights – 2004 vs 2003
Headline figures * Turnover -8.9% to €476.9 m
* Gross Profit -6.9% to €73.4 m* EBITDA -14.8% to €59.5 m* EBIT -16.6% to €50.9 m* Pre-Tax Profit after minorities -18.9% to €46.1 m
Profit margins* Gross margin 15.4% (vs 15.1% in 2003)
* EBITDA Margin 12.5% (vs 13.4%)* EBIT Margin 10.7% (vs 11.7%)* Pre-Tax Margin 9.7% (vs 10.8%)
Group Results – 2004 vs 2003
3
amounts in € m 2004 2003 chg
Turnover 476.9 523.4 -8.9%
Gross Profit 73.4 78.9 -6.9%
Other Income 1.3 0.6
Operating Expenses 23.8 18.6
Financial Results -1.8 -0.7
Extraordinary Results -0.4 -0.4
Depreciation 10.8 11.1
-included in operating cost 8.7 8.9
Minorities 0.0 -0.1
Tax Adjustments 0.5 0.9
Pre-Tax Earnings after Minorities
46.1 56.8-
18.9%
EBITDA 59.5 69.9-
14.8%
EBIT50.9 61.0
-16.6%
Consolidated Balance Sheet
amounts in € m12/200
412/2003
12/2002
Start-Up Expenses 1.0 1.5 1.9
Fixed Assets 169.1 168.8 168.2
Current Assets 226.1 214.4 142.5
Transitory Accounts 5.2 1.9 1.4
Total Assets 401.4 386.6 314.0
Shareholders’ Funds 219.1 207.4 203.7
Provisions 3.0 2.4 1.3
Liabilities 178.9 176.0 108.5
Transitory Accounts 0.4 0.8 0.5
Total Liabilities 401.4 386.6 314.0
Net Debt 23.3 -15.4 3.4
Capex 5.1 12.0 7.6
4
Group Financial Highlights
amounts in € m 2000 2001 2002 2003 2004
Turnover 296.7 368.5 445.5 523.4 476.9
Gross Profit 50.5 58.2 68.8 78.9 73.4
EBITDA 38.5 51.1 58.4 69.8 59.5
Pre-Tax Earnings(after minorities)
28.0 40.8 44.7 56.8 46.1
Net Earnings 15.6 22.0 28.5 34.7 27.1
Shareholders’ Funds
187.6 201.3 203.7 207.5 219.1
EPS€0.38
* €0.30 €0.39 €0.47 €0.37
DPS €0.10 €0.10 €0.30 €0.32 €0.20
Capitalisation (31/05/05)
€278 m
5
* adjusted for rights issue
Annual Financial Performance
6
Turnover (in € m)
€ 0
€ 150
€ 300
€ 450
€ 600
2000 2001 2002 2003 2004
Gross Profit (in € m)
€ 0
€ 20
€ 40
€ 60
€ 80
2000 2001 2002 2003 20040%
5%
10%
15%
20%
Gross Profit Gross Margin
EBITDA (in € m)
€ 0
€ 20
€ 40
€ 60
€ 80
2000 2001 2002 2003 20040%
4%
8%
12%
16%
EBITDA EBITDA Margin
Pre Tax Earnings (in € m)
€ 0
€ 15
€ 30
€ 45
€ 60
2000 2001 2002 2003 20040%
3%
6%
9%
12%
Pre Tax Earnings Pre Tax Margin
Quarterly Financial Performance
7
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%
8%
16%
24%
Gross Profit Gross Margin
Pre Tax Earnings (in € m)
€ 0
€ 6
€ 12
€ 18
2000 2001 2002 2003 20040%
5%
10%
15%
Pre Tax Earnings Pre Tax Margin
EBITDA (in € m)
€ 0
€ 7
€ 14
€ 21
2000 2001 2002 2003 20040%
6%
12%
18%
EBITDA EBITDA Margin
INVESTING IN THE FUTURE
Investor Relations OfficerAngelos Kiosklis9 Frangokklisias St, 151 25, Marousi, Greecetel +30-210-6185592fax +30-210-6185698email [email protected]