FIRST SEMESTER RESULTS 2014

Consolidated turnover in the first semester of 2014 reached €67.1 mil. from €68.6 mil. in the respective period last year. Revenues from Short and Long term rentals showed, for the first time in the last 4 years, a marginal increase of 0.45%.  Increased tourist arrivals during Q2 of 2014 with the addition of market share increase led into a substantial increase in short term rentals by 26.5%, outbalancing the decrease in long term rentals.

Total consolidated turnover showed a marginal decrease of 2.1%, since it also includes revenue from used car sales, which was decreased this semester following management's decision to retain a large number of vehicles in order to cover high season demand.

In addition, the company proceeded in higher investment in new vehicles, which for the first half reached €46mill from 22€ in last year's first semester in order to cover the increased demand for the period July-September where 57% of total short term volume takes place.

Consolidated earnings after tax for the first half of 2014 showed profits of €2.3mill versus losses of €2.3mill in last year's respective period. 

Consolidated earnings before tax, financial, investment activities and depreciation (EBITDA) reached €31.2mill during the first half of 2014, allowing the group to invest substantial amounts in new vehicles without increasing borrowing. 

In the first semester of 2014 subsidiaries in Bulgaria, Romania, Cyprus, Serbia and Montenegro showed significant improvement. It must be noted that total foreign subsidiaries' turnover represents 22.7% of total group's turnover.

It is the company's belief that in 2014, the substantial increase in incoming tourism to Greece will contribute even further in short term rentals (renting) during the period May-October, which should influence positively the company's profitability during the aforementioned period. In addition, Long term rentals (Operating leasing) have stabilized after five years of continuous decline.    

It is important to mention that from April 2014, the Company now represents the brands of Thrifty and Dollar after their acquisition by Hertz Int. Internationally, thus enabling further market penetration of short-term rental through presence in multiple channels of distribution.