Turnover continued its upward trend of recent years and rose in 2003 to Euro 161.7 million from Euro 150.6 million in 2002, an increase of 7.4%. The total portfolio of leased equipment and real estate reached Euro 805.7 million (at cost), posting an increase of 8.6%. The ratio of equipment to real estate leases stands at 73% to 27%. New contracts consist of leases in real estate (50.5%), in machinery (27.3%), in professional and private use vehicles (7.3%) and in office and other equipment (14.9%). Operating expenses dropped substantially by 12.9%, due to the implementation of a cost containment programme.

Profit before tax reached Euro 5.4 million compared to Euro 15.3 million in 2002, following an additional depreciation charge of Euro 14.3 million, of which Euro 4.3 million refer to 2003 and Euro 10 million to previous years. This relates to future accounting differences arising from the transfer of the leased land at contract maturity (year 2009 onwards).

Following this additional charge, the company posted after tax losses of Euro 1.9 million compared with profits of Euro 9.4 million in 2002. As a result of the above, the company?s Board of Directors resolved not to propose dividend for 2003.