The Ordinary General Assembly of the Shareholders of the company PANTECHNIKI S.A., held today, 22nd of June 2006, with a participation percentage of 67,642%, approved the financial statements of the Company and the Group for the financial year of 2005. Moreover the General Assembly approved the appointment of the new members of the BoD, Mr. Georgios Syrianos, and Mr. Sarantis Papadellis in replacement of the resigned members Mr. Angelo C. Giokaris and Mr. Edward K. Sarantopoulos.
For the year 2006, the consolidated turnover of the construction company Pantechniki S.A. showed an improvement of 34,2% since its turnover reached the ampount of 180,25 million euros compared to the 134,25 million euros in the respective period of 2005. Moreover, profits before tax showed an increase of 16% namely 13,23 million euros compared to 11,41 million euros in 2005 .Concerning the earnings before interest, taxes, depreciation and amortization (EBITDA), those were decreased by 36,1%, from 7,72% million euros compared to 12,09 million euros the previous year. On parent company level, the turnover increased by 42,3%, amounting to 146,96 million euros compared to 103,2 million euros in 2005 whereas there was a loss (before tax) of 658 thousand euros compared to a profit of 6,2 million euros. The earnings before interest, taxes, depreciation and amortization (EBITDA) recorded a decrease of 44,7%, from 4,83 million euros compared to 8,73 million euros. For the fiscal year 2006 Pantechniki S.A. will not distribute any dividend.
During the General Assembly the impending break up of PANTECHNIKI with contribution to and absorption by ELLINIKI TECHNODOMIKI TEB S.A. part of the construction activities and participations of PANTECHNIKI and of all related assets, was discussed. The companys top management outlined the substantial benefits that this merge will provide to the companys shareholders since it constitutes the optimal solution in the framework of the new round of merges in the construction sector.