Group sales during the period 1st January-30 September 2003 increased by 38.6% to 39.5 million euros (28.5 euros in 2002). Group invoiced sales during the same period increased by 29.8%, to 36.6 million euros (28.2 in 2002). Net profit before tax increased by 41.9% to 2.102.673 euros (1.482.000 euros in 2002).

Average Group Solvency (Equity plus Provisions as a percentage of Total Liabilities without Cash and Securities) was 54.6% compared to the Group target of 40% (62.8 % in 2002). This means that the Company can grow further, maintaining at the same time a strong solvency ratio. Cash and Securities were 1.4 million euros on average during the first 9 months of 2003 (2.0 euros for the whole of 2002).

Prospects for 2003

Τhe replacement of the intercity bus fleet and sales of agricultural tractors through investment grants are proceeding as expected. Import and distribution of Isuzu light trucks (pick-ups) has already started. The initial profit estimate for 2003 of 3.2 million euros is revised to 3.8 million euros before tax, an increase of 30% over 2002.

The Company was established in Thessaloniki in 1922. It manufactures, modifies, distributes and supports a wide range of automotive products including automobiles, trucks, buses, generating sets, diesel engines, boats, outboard engines, agricultural, earthmoving and industrial equipment. The Company has a leading position in the Greek market in the sectors of its activity.