First half 2004 profit before tax euro 31.7 million for the HELEX Group
Consolidated turnover reached euro 31.768 million against euro 25.197 million in the corresponding 2003 period. Turnover posted a 26.1% increase, boosted by the performance of the local cash and derivatives market. Operational cost has been reduced by a further 9.9%, while, if depreciation is included, the reduction amounts to 12.9%. Thus the EBITDA figure, positively affected by improvement in turnover, along with successful efforts for cost containment, amounted to euro 17.724 million, versus euro 9.917 million, an increase of 78.7%.
The Group's results are significantly reinforced from trading gains, stemming from selling treasury stock, of euro 9.2 million. At the same time, results are also positively affected by an extraordinary income of euro 4.4 million, derived from unutilised provisions for the devaluation of the Group's share portfolio.
The holding company income from holdings in subsidiary companies and trading gains amounts to euro 23.690 million, compared to euro 11.411 million for 2003. This amount includes ½ quota of 2003 dividend for the first half of the current year, as well as the aforementioned euro 9.2 million trading gain from treasury stock. The net profit before taxes amounts to euro 26.781 million, versus euro 10.767 million during 2003, an increase by 148.7%. It is noted that following these positive results, all holding company losses, incurred during previous periods, are written off.
Hereunder please find attached a brief table of the first half 2004 HELEX Group consolidated balance sheet:
(Figures in euro thousand) 2004 2003
Fixed Assets minus depreciation 43,596 45,104
Securities 209,718 199,716
Cash & Cash equivalents 56,989 39,830
Other assets accounts 21,203 24,763
Total Assets 331,506 309,413
Equity 310,730 288,644
Liabilities 12,675 15,266
Other liabilities accounts 8,101 5,503
Total Equity & Liabilities 331,506 309,413