TECHNICAL OLYMPIC Group of Companies has announced the financial results of the first semester of 2011 that ended on 30/06/2011, based on the International Financial Reporting Standards (IFRS).

 The consolidated turnover for the 1^st semester of 2011 stood at €20,88m., over €23,65m. for the respective period of 2010, while the company’s turnover stood at €0,82m., over €0,95m. for 2010.

Consolidated operating results – EBITDA – for the 1^st semester of 2011, stood at €2,06m., over €3,29m. over 2010.

Consolidated results before taxes for the first half of 2011 stood at losses of €6,20m. over losses of €3,66m. for 2010, while the respective corporate results stood at losses of €0,63m., over profits of €0,91m. for the respective period of 2010.

The total of the Group’s equity for the first semester of 2011 stood at €439,42m.

The ongoing financial crisis continues to affect the Group’s results, given that the two primary sectors of the group’s activity (construction and tourism), have been affected the most as compared with other sectors. Given these facts, the management of Technical Olympic is enhancing its efforts to further develop the tourism sector, while at the same time all efforts focus on undertaking new construction projects.