Flood Lighting of Acropolis Hill Monuments
Group Financial Performance
Q2 & H1 2004
(pro forma)
First Half 2004 - Financial Highlights
 Improved performance over H1 2003
- Turnover +6.1% to €260.1 m
- Gross Profit +10.5% to €42.5 m
- EBITDA +7.6% to €37.4 m
- EBIT +12.4% to €33.1 m
- Pre-Tax Profit after minorities +10.5% to €30.7 m
 Widening profit margins
- Gross margin 16.4% (vs 15.7% in H1 2003)
- EBITDA Margin 14.4% (vs 14.2%)
- EBIT Margin 12.7% (vs 12.0%)
- Pre-Tax Margin 11.8% (vs 11.3%)
2
Second Quarter 2004 - Financial Highlights
 Upbeat performance over Q2 2003
- Turnover +4.5% to €139.8 m
- Gross Profit +9.4% to €22.3 m
- EBITDA +5.3% to €18.9 m
- EBIT +9.8% to €16.8 m
- Pre-Tax Profit after minorities +4.2% to €15.0 m
 Improvement in profit margins
- Gross margin 16.0% (vs 15.2% in Q2 2003)
- EBITDA Margin 13.6% (vs 13.4%)
- EBIT Margin 12.0% (vs 11.4%)
- Pre-Tax Margin 10.7% (vs 10.7%)
3
Group Results – First Half
amounts in € m
H1 2004
H1 2003
chg
260.1
245.3
6.1%
Gross Profit
42.5
38.5
10.5%
Other Income
0.9
0.3
Operating Expenses
10.4
9.5
Financial Results
-1.0
-0.6
Extraordinary Results
0.0
0.0
Depreciation
5.4
6.4
-included in operating cost
4.3
5.3
Minorities
0.0
-0.2
Tax Adjustments
0.3
0.0
Pre-Tax Earnings after
Minorities
30.7
27.8
10.5%
EBITDA
37.4
34.7
7.6%
EBIT
33.1
29.4
12.4%
Turnover
4
Group Results – Second Quarter
amounts in € m
Q2 2004
Q2 2003
chg
139.8
133.7
4.5%
Gross Profit
22.3
20.4
9.4%
Other Income
0.1
0.2
Operating Expenses
5.7
5.3
Financial Results
-0.5
-0.3
Extraordinary Results
-0.4
0.0
Depreciation
2.7
3.3
-included in operating cost
2.2
2.7
Minorities
0.0
0.0
Tax Adjustments
0.3
0.0
Pre-Tax Earnings after
Minorities
15.0
14.4
4.2%
EBITDA
18.9
17.9
5.3%
EBIT
16.8
15.3
9.8%
Turnover
5
Consolidated Balance Sheet
06/2004
03/2004
06/2003
1.3
1.4
1.8
Fixed Assets
169.1
167.6
171.9
Current Assets
229.4
201.1
161.9
Transitory Accounts
14.5
25.7
Total Assets
414.3
8.1
378.2
361.3
Shareholders’ Funds
238.1
223.2
231.2
Provisions
2.4
2.3
1.7
Liabilities
173.5
152.5
128.2
0.3
0.2
361.3
amounts in € m
Start-Up Expenses
Transitory Accounts
Total Liabilities
414.3
0.2
378.2
Net Debt
20.9
6.9
15.8
Capex
3.0
1.0
7.0
6
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
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
€0.30
€0.39
€0.47
€0.10
€0.30
€0.32
Pre-Tax Earnings
(after minorities)
EPS
DPS
€0.38
*
€0.10
Market Capitalisation (30/08/2004)
P/E
€274 m
7.9x
* adjusted for rights issue
7
Semi-Annual Financial Performance
Turnover (in € m)
Gross Profit (in € m)
€ 280
€ 45
18%
€ 30
12%
€ 15
6%
€ 210
€ 140
€ 70
€0
€0
1H00
2H00
1H01
2H01
1H02
2H02
1H03
2H03
1H04
0%
1H00 2H00 1H01 2H01 1H02 2H02 1H03 2H03 1H04
Gross Profit
EBITDA (in € m)
Pre Tax Earnings (in € m)
€ 40
16%
€ 30
12%
€ 20
8%
€ 10
4%
€0
0%
1H00 2H00 1H01 2H01 1H02 2H02 1H03 2H03 1H04
EBITDA
EBITDA Margin
Gross Margin
€ 30
15%
€ 20
10%
€ 10
5%
€0
0%
1H00
2H00
1H01
2H01
1H02
Pre Tax Earnings
2H02
1H03
2H03
1H04
Pre Tax Margin
8
Quarterly Financial Performance
Turnover (in € m)
Gross Profit (in € m)
€ 150
€ 30
21%
€ 100
€ 20
14%
€ 50
€ 10
7%
€0
€0
2000
2001
2002
2003
2004
0%
2000
2001
Gross Profit
2002
2003
2004
Gross Margin
Pre Tax Earnings (in € m)
EBITDA (in € m)
€ 24
18%
€ 18
15%
€ 16
12%
€ 12
10%
€8
6%
€6
5%
0%
€0
€0
2000
2001
EBITDA
2002
EBITDA Margin
2003
2004
0%
2000
2001
Pre Tax Earnings
2002
2003
2004
Pre Tax Margin
9
INVESTING IN THE FUTURE
Investor Relations Officer
Angelos Kiosklis
9 Frangokklisias St, 151 25, Marousi, Greece
tel +30-210-6185592
fax +30-210-6185698
email [email protected]