PRESS RELEASE

Monday, 24 March 2014

FY 2013 GROUP FINANCIAL RESULTS

ATHEX:        PLAT,

Reuters:      THRr.AT

Bloomberg: PLAT GA

The purpose of the present press release is to present the Group's 2013 Annual Financial Results and to highlight the basic factors that contributed to such, which are summarized as follows:   

• Increase of sales volume in the Packaging Business Unit by 13.9% due to the strengthening of market shares in the existing markets as well as due to expansion in new markets on both product and geographic basis.
• Decrease of sales volume in Technical Fabrics Unit (-6.8%) due to lower demand for geo-synthetics from both the American as well as the European market.
• Further improvement of the Gross Profit margin in the Packaging Business Unit due to higher sales and containment of production cost.
• In the Technical Fabrics Unit, the drop of sales volume and the difficulty of transferring the higher raw material prices into the final price exerted significant pressure on Gross Profit margin.
• Further reduction of Net Bank Debt and Total Liabilities as well as increase of the Current Assets, developments that strengthen the Group's capital structure and offer the opportunity for additional growth in future.

Specifically for the financial year 2013, the basic financial figures of the Group are as follows:

• Consolidated Turnover               : €265.3 mil vs € 264.7 mil the previous year    ( +0.2% )
• Consolidated Gross Profit           : €47.7 mil vs € 51.2 mil the previous year        ( -6.9% )
• Consolidated EBITDA                  : €20.0 mil vs € 25.0 mil the previous year      ( -19.9%)
• Consolidated EBT                        : € 6.3 mil vs € 8.0 mil the previous year         (-21.1% )
• Consolidated EATAM (without the tax provision of article 72,
• par. 11 of tax law 4172/2013)*  : €3.7 mil vs € 5.7 mil the previous year           (-35.1%)
• Consolidated EATAM (published)  : €2.4 mil vs € 5.7 mil the previous year          ( -56.9%)
• Consolidated Equity                     : € 113.7 mil vs € 110.9 mil the previous year (+2.5%)
• Net Bank Debt                                €32.6 mil vs € 34.5 mil the previous year      (-5.6%)

It is noted that the amounts of the financial year 2012 have been revised due to the amended IAS 19 (Employee Benefits).

With regard to the results of the 1^st quarter of the current year, it is estimated that Group sales will be higher than the ones in the 1^st quarter of 2013, whereas there will be a corresponding improvement in operating profitability. The Group's Management having as top priority to sustain and strengthen the profit growth will remain focused to the strategic goals for the current year as well. These goals refer to the strong geographic and product diversification, the development of innovative products with high added value, the improvement of operating efficiency and the healthy financial structure of the Group.

In this context for the year 2014, the Group has compiled and implements an investment plan of euro 9 million, of which € 5 million concern investments that will be realized in Greece.

It is noted that the Board of Directors will propose to the Ordinary General Shareholders' Meeting on 24 April 2014 the distribution of net dividend for the year 2013 of € 2,243,703 or € 0.05 per share.

For further information or clarifications concerning the content of the present press release you may contact Mr. Dimitris Malamos, Group CFO, tel. + 30 210-9875016 (dmalamos@thraceplastics.gr) and Mrs. Ioanna Karathanasi, Head of Investor Relations, tel. +30  210-9875081 (ikarathanasi@thraceplastics.gr). 

* In the current financial year, and following the application of article 72, paragraph 11 of taxation law 4172/2013 concerning the obligation for independent taxation, with tax rate 19%, of the recorded tax free reserves based on L. 2238/1994, a provision of euro 1.3 million was formed. This obligation will arise within the following financial year. Until 31/12/2014, the company will call for an extraordinary General Shareholders' Meeting where it would propose the distribution or capitalization of the tax free reserves, and within two months from the above decision the Company will be required to pay the corresponding tax.