The financial statements of March 31, 2006 are under International Accounting Standards (IAS). MICHANIKI Group consolidated turnover increased by 56.1 percent, to 37.89 million euros versus 24.27 million euros in 2005.
Consolidated EBITDA increased by 17.5% to 9.46 million euros in the first three months of 2006, from 8.05 million euros the year before. Consolidated net profit after taxes and minority rights increased marginally, by 0.48 percent to 8.10 million euros, from 8.06 million euros in 2005. At a parent company level, Michaniki SA turnover stood at 13.50 million euros in the first three months of 2006, from 17.41 million euros in the same period a year earlier decreased by 22.42 percent. EBITDA stood at 4.84 million euros in 3M 2006, from 6.1 million in 3M 2005, decreased by 20.71 percent. MICHANIKI S.A. Net Income stood at 4.83 million euros, from 6.44 million in 2005 decreased by 24.92 percent. The financial results of the first quarter of 2006 are not considered to be indicative for the overall financial results of the year since the majority of the construction works that Michaniki S.A. has undertook have been signed during the past few months. The pace of construction activities will be more intensive in the second half of 2006 and this will be depicted in the forthcoming results.