ΙΟΝΙΚΗ ΞΕΝΟΔΟΧΕΙΑΚΗ Α.Ε.

Nine-month 2005 results

Profits before tax reached Euro 411 thousand for the period ending 30/9/2005 against Euro 33 thousand last year. On a net basis, the company posted losses of Euro 53 thousand, compared with profits of Euro 270 thousand last year, due to the application of deferred taxation. Profits before interest, tax, depreciation and amortization (EBITDA) reached Euro 8 million from Euro 11 million last year. Τurnover reached Euro 33 million against Euro 38 million last year, due to the higher than normal occupancy rates during the 2004 Summer Olympics, when the Athens Hilton was the official hotel of the International Olympic Committee.