February 22, 2005. Consolidated earnings before tax, after minority interests increased by 12.9% for 2004, reaching euros 58.3 million from euros 51.7 million in 2003. Consolidated turnover for 2004 reached euros 234.8 million , an increase of 1.5% compared to the previous fiscal year. Earnings before interest, tax, depreciation and amortization increased by 8.9% reaching euros 60.2 million.

However, it is noted that the consolidated results of 2004 do not include the companies EFSIMON and EFSIMON COLLECTIONS, thus the published accounts for the two fiscal years are not comparable. If, for comparability reasons, in 2003 EFSIMON COLLECTIONS was consolidated under the equity method, turnover for 2004 would increase by 15.3% while EBITDA would increase by 16.4%.

Parent company accounts show an increase of 13.9% in sales, reaching euros 223.4 million compared to euros 196.1 million in 2003, despite the significant decrease of passenger traffic in Greece for 2004. Earnings before tax reached ?57.5 million compared to euros 50 million in 2003, an increase of 14.9%, while EBITDA increased by 16.0% reaching euros 58.4 million compared to euros 50.4 million in 2003.

The year 2004 was characterised by the Company's intense investing, ahead of the Athens Olympic Games, as well as the continuous efforts of the management to further contain operational expenses. Consequently, the Company proceeded with the opening of 7 new stores, the upgrade and expansion of 18 stores, the operation of 5 Olympic stores and the addition of approximately 3,800 sq. m. of warehousing facilities, investing a total of euros 7.0 million. At the same time the Company managed to decrease expenses to 29.7% of sales compared to 30.8% in 2003.

The fully owned subsidiary, HELLENIC DISTRIBUTIONS exhibited impressive growth rates for 2004. In particular, 2004 turnover increased by 45%, reaching euros 14.9 million compared to euros 10.3 million in 2003 and earnings before tax reached euros 1.8 million from euros 1.3 million in 2003, posting an increase of 39.2%.

With regard to the prospects of consolidated results for 2005, the Company's management announces that the strong improvement of consolidated results will continue during the current year. In particular, consolidated turnover for 2005 is expected to reach euros 265-270 million while earnings before tax after minority interests are expected to reach euros 61-63 million. It is worth noting that 2004 results include a one-off profit of euros 1.75 million from the sale of EFSIMON and EFSIMON COLLECTIONS participations which will not be repeated in 2005.

Download the Presentation.