The year 2005 was characterised by improved profitability and reduction in liabilities. Consolidated financial statements which will be published on 28/03/2006 show an improved consolidated profit before tax by 37,3% from Euro 5.34 mln in 2004 to Euro 7.34 mln in 2005, with profit margin increasing from 5,3% to 8,3%. Profit before tax, interest and depreciation (EBITDA) amounted to Euro 15.5 mln, improved by 13%. Moreover, net profit after tax and minority rights was improved by 10,8% from Euro 4.86 mln in 2004 to Euro 5.38 mln in 2005. Consolidated turnover amounted to Euro 88.2 mln, decreased by 13,1% in comparison to 2004, with exports contributing 70% to total sales. Despite the reduction in the price of cotton in 2005 as compared to 2004, the strategy of the Group has focused in maintaining the selling price of denim fabric at last year?s level, resulting in a small fall in sales. Total equity amounted to Euro 86.2 mln from Euro 82.09 mln in 2004, adjusting the "Debt-equity" ratio, to 1,05 as compared to 0,94 in 2004. In addition, "Earnings per share" presented an increase of 5% as compared to the corresponding last year's period and amounted to Euro 0,38 per share. Finally, the ratio "P/E after tax" amounted to 7.72, while the "Price to book value" ratio (P/BV) amounted to 0.45. With investments in technology and specialized personnel as an edge, the Group continued in 2005 the application of its strategy, focusing mainly in quality, innovation and flexibility. Productive investments in machinery amounting to Euro 8.1 mln have been financed by consolidated operating cash flow of Euro 15.2 mln, and total loans outstanding have been reduced by Euro 7.1 mln approximately. The Board of Directors intends to propose to the ordinary General Shareholders Meeting, which will be held in May, a dividend distribution of Euro 0,10 per share, improved by 11,1%. Based on the closing share price on the 31.12.2005 the dividend yield arises to 3,41%. The Group?s prospects remain high, despite the constantly intensifying competition from low labor cost countries and are based on the fact that Hellenic Fabrics S.A. is a modern industry with clear strategic target, financially strong, vertical structure, close cooperation with its well-known customers and an excellent reputation in the international denim marke