The management of Michaniki Group of Companies on the occasion of the announcement of the First Quarter 2007 Financial results would like to inform investors on the following:
Michaniki Group consolidated turnover increased in the first quarter of 2007 to 47,25 million euros from 37,89 compared to Q1 2006, a percentage increase of 24,68%.
Consolidated EBIT increased to 12,91 million euros in the first quarter of 2007 from 8,58 compared to Q1 2006, a percentage increase of 50,42%.
Consolidated EBITDA increased to 15,42 million euros in the first quarter of 2007 from 9,46 compared to Q1 2006, a percentage increase of 63,05%.
Consolidated Net Profit after Taxes and Minority Rights increased to 9,62 million euros in the first quarter of 2007 from 8,09 million euros compared to Q1 2006, a percentage increase of 18,80%.
At a parent company level:
Turnover increased in the first quarter of 2007 to 26,82 million euros from 13,50 compared to Q1 2006, a percentage increase of 98,63%.
EBIT increased to 6,67 million euros in the first quarter of 2007 from 4,66 million euros to Q1 2006, a percentage increase of 43,29%.
EBITDA increased to 7,16 million euros in the first quarter of 2007 from 4,84 compared to Q1 2006, a percentage increase of 47,99%.
Net Profit after Taxes and Minority Rights increased to 5,16 million euros in the first quarter of 2007 from 4,84 million euros compared to Q1 2006, a percentage increase of 6,74%.
The positive outlook of further expansion and development of activities will characterize the year of 2007. Michaniki continued to strengthen its position by undertaking significant public infrastructure works and selected private projects enabling to classify among the leading construction groups in a wide scale of infrastructure projects. The backlog of unexecuted works at a group level on 31.3.2007 amounted to 570 million euros while at the parent company level the backlog of unexecuted works amounted to 500 million euros on the same date.
Michaniki Group has expanded its activities abroad to a number of countries such as Ukraine and Russia. After the successful presence in the aforementioned countries and targeting to the promotion of Greek entrepreneurship, the management of Michaniki Group decided on the expansion of activities in the developing real estate market of Egypt.
The announcement of the first quarter financial results will take place on Thursday May 24 2007.