FLEXOPACK ANONYMOUS COMMERCIAL AND INDUSTRIAL PLASTICS COMPANY

 - Full Year 2011 Results

The financial performance and results of both the Company and the Group during full year 2011 compared at the same time with the previous full year 2010 are as follows:

a)  The consolidated group turnover amounted to 47,473 million Euros and the company turnover to  46,906 million Euros posting a percentage increase of 5,12% and 4,61% respectively.

b) The Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to 6,961 million Euros at group level and to 6,926 million Euros at company level increased by 9,38% and 12,44% respectively.

c) The Earnings Before Taxes (EBT) amounted for the Group to 3,894 million Euros and for the Company to 4,137 million Euros posting an increase of 11,19% and 12,60% respectively.

d) The Earnings After Taxes (EAT) amounted for the Group to 3,084 million Euros and for the Company to 3,325 million Euros posting an increase of 27,44% and 26,43% respectively.

e) Finally the Earnings After Taxes And Minority Rights (EATAM)  amounted to 3,101 million Euros, as compared to 2,393 million Euros of full year 2010, therefore they were enforced by a percentage of 29,59%.

It should be noted the following: i) Other operating income includes an amount of €509,000 received by the Company regarding an extraordinary and non recurring income (receipt of compensation awarded by court) and  ii) The earnings after taxes of 2010 have been charged with 296 thousand Euros which was the special levy imposed by Law 3845/2010. 

If the above 2 parameters (i and ii) were not taken into account, then the earnings after taxes of financial year 2011 will have posted a marginal decrease, which for the Company would amount to 0,27% and for the Group to 1,44%.