FY2002 results

ALTEC S.A continued its dynamic growth in FY2002, as it is broadly proven both by the company's strengthening in terms of market share and by the reported financial results. Despite the weak market conditions affecting the IT sector, which restrained turnover to euro 217.7m, EBIT grew by 11.2% to euro 26.4m, with the respective margin widening to 12.1% relatively to 9.5% in FY2001. Earnings before taxes grew to euro 14m, stemming mainly by the company's operating activities since financial income was restrained at euro 1.1m. relatively to euro 5.4m in FY2001. EBT margin climbed at 6.4%.

Return on Equity (ROE) grew to 10.0%, while total debt was reduced by euro 9.4m to euro 169.1m, improving the Debt/Assets ratio to 45% relatively to 47% in FY2001.

FY2002 results reflect the successful operational completion of the merger performed in FY2001, as well as the company's shift towards specialized added-value markets. Both issues have enabled the company to increase its market share and to significantly improve its profit margins through economies of scale and synergies.

In 2002, ALTEC assumed and completed successfully a number of system integration projects for the private and public sector, while in the international front it assumed the largest IT project in Southeastern Europe (euro 55m). The project involves the design and implementation of the integrated information system of the state oil company of Romania, PETROM S.A, and it was assigned to ALTEC through an international biding competition, in which many large European IT companies participated. Moreover, ALTEC signed agreements of strategic collaboration with large international companies (Lockheed Martin), while developed new pioneering products for vertical markets.
The achievements and the financial results of FY2002, confirm the continuing growth of ALTEC, while signal its dynamic growth in the future as the significant investments that have been realized have armed the Company with the required capital adequacy and technological superiority in order to maintain its leading position in Greece and to expand dynamically in the international markets.


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