2010

1.2. 3. .. 4. & 5. 6. .. 2002 2009

.

.

2009

31/12/2009, .

..

.. 5

.

.. 2002-2006 103,8

2007-2011 102,7 .

&

..

2009

2009 80% 20% E. .

, .

2010.

170.000 m 1.600 510.000 -

250.000 m 470.000 -2.000 80 . ..

.. 45 4 :112 ,,, .. 2001, 30 .. .. , , ..

&

2009 1,92% 2009 10,19%

Chart5

70.175.977.4

1,92%

8,3%

2007

2008

2009

( )

Sumary_P&L

0000000000000

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Gross Profit Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBITDA Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBIT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Profit aAfetr Tax Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EATAM Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Oper Costs to Sales0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

( .)3M 2007%3M 2006%3M 2006

Pro Forma Joint Control

Financial Highlights ( mil.)200920082007%2005%2004

PublishedPublishedPro Forma Joint Control

Turnover77.475.970.1016.35%60.2526.90%55.24

Gross Profit21.328.39%19.67-4.65%22.36

Gross Profit Margin50.79%49.25%49.50%

EBITDAEBITDA18.8718.09%15.9870.92%11.04

EBITDAEBITDA Margin15.52%13.39%13.81%

EBITEBIT13.895.79%13.1353.65%9.04

EBITEBIT Margin13.92%11.57%11.97%

EBT13.666.55%12.8259.39%8.57

EBT Margin13.45%12.50%12.99%

Income Tax4.01-8.86%4.40-1.96%4.09

Profit After Tax9.6414.22%8.44115.18%4.48

Profit After Tax Margin9.59%9.11%9.51%

EPS0.5315.22%0.46112.00%0.25

Turnover Q1 2006060.25

Organic Growth60.259.85

Turnover Q1 2007070.10

EBITDA Q1 2006015.98

Organic Effects15.982.89

EBITDA Q1 2007018.87

EBIT Q1 2006013.13

Organic Effects13.130.76

EBIT Q1 2007013.89

EATAM Q1 200600.00

Effect0.000.00

EATAM Q1 200700.00

Sumary_P&L

000

2004

2005

2006

Consolidated Gross Profit Margin (%)

Summary_Balance_Sheet

55.2460.2566.04

9.61%

19.55%

2004

2005

2006

Company Turnover ( mil)

11.0415.9818.87

70.92%

18.09%

2004

2005

2006

Company EBITDA ( mil)

000

53.65%

5.79%

2004

2005

2006

Company EBIT ( mil)

000

115.18%

14.22%

2004

2005

2006

Company EAT ( mil)

00

11,38%

2005

2006

( .)

00

29,14%

2005

2006

EBITDA ( .)

13.1313.89

34,01%

2005

2006

EBIT ( .)

00

22,51%

2005

2006

( .)

000

2004

2005

2006

Consolidated EBITDA Margin (%)

0.11969060040.11567785810.1391869111

2004

2005

2006

Consolidated EBIT Margin (%)

2005

2006

Consolidated EATAM Margin (%)

00

00

00

&A

Page &P

#REF!

#REF!

000

000

000

11.38%

2005

Organic Growth

2006

Consolidated Turnover ( mil)

0015.98

015.982.89

0018.87

29.14%

2005

Organic Growth

2006

Consolidated EBITDA ( mil)

0013.13

013.130.76

0013.89

34.01%

2005

Organic Growth

2006

Consolidated EBIT ( mil)

000

000

000

22.51%

2005

Organic Growth

2006

Consolidated EATAM ( mil)

19.6721.32

14,86%

2005

2006

( .)

22.3619.6721.32

8.39%

-4.65%

2004

2005

2006

Company Gross Profit ( mil)

000

112%

15.22%

2004

2005

2006

Company EPS ()

2004Q1 20056M 20059M 2005FY 2005Q1 20066M 20069M 2006FY 2006Q1 2007H1 20079M 20072007

ASSETS

Property Plant & Equipment44.3944.7942.340.000.000.00

Intangible Assets0.030.000.270.000.000.00

Investments13.3521.4121.450.000.000.00

Other Long Term Assets0.360.382.310.000.000.00

Deffered Tax6.023.443.120.000.000.00

Total Non Current Assets64.1670.0169.490.000.000.00

Inventories33.2740.0442.910.000.000.00

Trade Debtors (Clients)64.5073.4277.180.000.000.00

Other Receivables6.976.8311.850.000.000.00

Marketable Securities16.8016.5215.580.000.000.00

Cash & Banks7.019.9014.860.000.000.00

Other Short Term Receivables0.430.840.720.000.000.00

Total Current Assets128.97147.55163.090.000.000.00

Total Assets193.13217.56232.590.000.000.00

SHAREHOLDER'S EQUITY & LIABILITIES

L-T Bank Loans96.0092.8091.000.000.000.00

Deferred Tax Liabilities0.790.020.130.000.000.00

Retirement Benefit Obligations & Other Provisions6.995.496.350.000.000.00

Total Non Current Liabilities103.7798.3297.480.000.000.00

Trade Creditors (Creditors & Checks)44.5846.0748.010.000.000.00

S-T Bank Loans6.837.813.500.000.000.00

Other Short Term Liabilities1.312.583.200.000.000.00

Total Current Liabilities52.7256.4654.710.000.000.00

Share Capital57.2257.2257.220.000.000.00

Share Premium38.7538.7538.750.000.000.00

Fair Value & Other Reserves-66.12-54.30-41.690.000.000.00

Retained Earnings ( Note)6.7921.1126.130.000.000.00

Shareholders Equity36.6462.7880.400.000.000.00

Total Liabilities & Equity193.13217.56232.590.000.000.00

( .)2006%2005%2004

Balance Sheet ( mil.)2006%2005%2004

Assets

Property Plant & Equipment81,691.563.96%78,581.779.29%74,747.06

Inventories1,406.812.09%1,378.07-29.80%2003.94659

Trade Debtors (Clients)14,535.1332.75%10,949.6342.19%10222

Other Assets22,769.9521,710.2116669.20596

Total Assets120,403.456.91%112,619.6916.17%103642.210710302

Shareholder's Equity & Liabilities

L-T Bank Loans27,973.421.96%27,436.090.83%27742.523467

S-T Bank Loans1,600.092.55%1,560.35-1.54%1625.05659

Other Short Term Liabilities17,511.674.29%16,790.7239.27%12574.01712

Total Current Liabilities47,085.192.83%45,787.1612.26%41941.597177

Share Capital20,328.0012.00%18,150.0012.00%18150

Other52,990.2748,682.5343550.5216533021

Shareholders Equity73,318.279.70%66,832.5318.83%61700.52

Total Liabilities & Equity120,403.456.91%112,619.6916.17%103642.118830302

200620052004

Cash Flow200620052004

Operating Activities14,75350.68%9,791-48.49%19,009

Investment Activities-8,588-7,072-8,044

Financial Activities-3,341-5,085-5,842

Cash generated2,825-2,3665,123

& ' Cash and cash equivalents, beginning of the period7,533-23.90%9,899107.22%4,777

& Cash and cash equivalents, end of the period10,35837.50%7,533-23.90%9,899

loansTotal Bank Debt29,573.511.99%28,996.430.70%29,367.58

0.000.00%0.00%0.00%

Total Current Liabilities39.11%40.66%0.00%

Shareholders Equity60.89%59.34%0.00%

0.00%0.00%0.00%

nebt debt0.000.00%0.000.00%0.00

BANK DEBT ANALYSIS

Balance Sheet ( mil.)20062005

Sarantis Group

Long-Term Bank Debt9193

Short-Term Bank Debt48

Total Outstanding Bank Debt95101

Parent Company

Long-Term Bank Debt9696

Short-Term Bank Debt67

Total Outstanding Bank Debt102103

Total Interest Expenses55

Cost of Debt3.00%3.50%

Debt / Debt plus Equity3.00%3.50%

ROE (avg)25.00%25.00%

Interest Coverage0.030.04

BOND ISSUESMaturityAmountInterest Rate

NBG3/30/0720,000,0003.10%

ALPHA3/31/0720,000,0013.10%

HSBC4/1/0720,000,0023.10%

ATTICA4/2/0720,000,0033.10%

ABN AMRO4/3/0716,000,0003.10%

TOTAL AMOUNT96,000,006

&A

000

000

#REF!

Total Current Liabilities

Shareholders Equity

Financing Structure ( mil.)

Chart6

24.331.230.3

28.3%

-2,53%

2007

2008

2009

( )

Sumary_P&L

0000000000000

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Gross Profit Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBITDA Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBIT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Profit aAfetr Tax Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EATAM Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Oper Costs to Sales0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

( .)3M 2007%3M 2006%3M 2006

Pro Forma Joint Control

Financial Highlights ( mil.)200920082007%2005%2004

PublishedPublishedPro Forma Joint Control

Turnover66.049.61%60.2519.55%55.24

Gross Profit30.331.224.3023.54%19.678.68%22.36

Gross Profit Margin50.79%49.25%49.50%

EBITDAEBITDA18.8718.09%15.9870.92%11.04

EBITDAEBITDA Margin15.52%13.39%13.81%

EBITEBIT13.895.79%13.1353.65%9.04

EBITEBIT Margin13.92%11.57%11.97%

EBT13.666.55%12.8259.39%8.57

EBT Margin13.45%12.50%12.99%

Income Tax4.01-8.86%4.40-1.96%4.09

Profit After Tax9.6414.22%8.44115.18%4.48

Profit After Tax Margin9.59%9.11%9.51%

EPS0.5315.22%0.46112.00%0.25

Turnover Q1 2006060.25

Organic Growth60.255.79

Turnover Q1 2007066.04

EBITDA Q1 2006015.98

Organic Effects15.982.89

EBITDA Q1 2007018.87

EBIT Q1 2006013.13

Organic Effects13.130.76

EBIT Q1 2007013.89

EATAM Q1 200600.00

Effect0.000.00

EATAM Q1 200700.00

Sumary_P&L

000

2004

2005

2006

Consolidated Gross Profit Margin (%)

Summary_Balance_Sheet

55.2460.2566.04

9.61%

19.55%

2004

2005

2006

Company Turnover ( mil)

000

70.92%

18.09%

2004

2005

2006

Company EBITDA ( mil)

000

53.65%

5.79%

2004

2005

2006

Company EBIT ( mil)

000

115.18%

14.22%

2004

2005

2006

Company EAT ( mil)

00

11,38%

2005

2006

( .)

00

29,14%

2005

2006

EBITDA ( .)

13.1313.89

34,01%

2005

2006

EBIT ( .)

00

22,51%

2005

2006

( .)

000

2004

2005

2006

Consolidated EBITDA Margin (%)

0.11969060040.11567785810.1391869111

2004

2005

2006

Consolidated EBIT Margin (%)

2005

2006

Consolidated EATAM Margin (%)

00

00

00

&A

Page &P

#REF!

#REF!

000

000

000

11.38%

2005

Organic Growth

2006

Consolidated Turnover ( mil)

0015.98

015.982.89

0018.87

29.14%

2005

Organic Growth

2006

Consolidated EBITDA ( mil)

0013.13

013.130.76

0013.89

34.01%

2005

Organic Growth

2006

Consolidated EBIT ( mil)

000

000

000

22.51%

2005

Organic Growth

2006

Consolidated EATAM ( mil)

19.6721.32

14,86%

2005

2006

( .)

22.3619.6721.32

8.39%

-4.65%

2004

2005

2006

Company Gross Profit ( mil)

000

112%

15.22%

2004

2005

2006

Company EPS ()

2004Q1 20056M 20059M 2005FY 2005Q1 20066M 20069M 2006FY 2006Q1 2007H1 20079M 20072007

ASSETS

Property Plant & Equipment44.3944.7942.340.000.000.00

Intangible Assets0.030.000.270.000.000.00

Investments13.3521.4121.450.000.000.00

Other Long Term Assets0.360.382.310.000.000.00

Deffered Tax6.023.443.120.000.000.00

Total Non Current Assets64.1670.0169.490.000.000.00

Inventories33.2740.0442.910.000.000.00

Trade Debtors (Clients)64.5073.4277.180.000.000.00

Other Receivables6.976.8311.850.000.000.00

Marketable Securities16.8016.5215.580.000.000.00

Cash & Banks7.019.9014.860.000.000.00

Other Short Term Receivables0.430.840.720.000.000.00

Total Current Assets128.97147.55163.090.000.000.00

Total Assets193.13217.56232.590.000.000.00

SHAREHOLDER'S EQUITY & LIABILITIES

L-T Bank Loans96.0092.8091.000.000.000.00

Deferred Tax Liabilities0.790.020.130.000.000.00

Retirement Benefit Obligations & Other Provisions6.995.496.350.000.000.00

Total Non Current Liabilities103.7798.3297.480.000.000.00

Trade Creditors (Creditors & Checks)44.5846.0748.010.000.000.00

S-T Bank Loans6.837.813.500.000.000.00

Other Short Term Liabilities1.312.583.200.000.000.00

Total Current Liabilities52.7256.4654.710.000.000.00

Share Capital57.2257.2257.220.000.000.00

Share Premium38.7538.7538.750.000.000.00

Fair Value & Other Reserves-66.12-54.30-41.690.000.000.00

Retained Earnings ( Note)6.7921.1126.130.000.000.00

Shareholders Equity36.6462.7880.400.000.000.00

Total Liabilities & Equity193.13217.56232.590.000.000.00

( .)2006%2005%2004

Balance Sheet ( mil.)2006%2005%2004

Assets

Property Plant & Equipment81,691.563.96%78,581.779.29%74,747.06

Inventories1,406.812.09%1,378.07-29.80%2003.94659

Trade Debtors (Clients)14,535.1332.75%10,949.6342.19%10222

Other Assets22,769.9521,710.2116669.20596

Total Assets120,403.456.91%112,619.6916.17%103642.210710302

Shareholder's Equity & Liabilities

L-T Bank Loans27,973.421.96%27,436.090.83%27742.523467

S-T Bank Loans1,600.092.55%1,560.35-1.54%1625.05659

Other Short Term Liabilities17,511.674.29%16,790.7239.27%12574.01712

Total Current Liabilities47,085.192.83%45,787.1612.26%41941.597177

Share Capital20,328.0012.00%18,150.0012.00%18150

Other52,990.2748,682.5343550.5216533021

Shareholders Equity73,318.279.70%66,832.5318.83%61700.52

Total Liabilities & Equity120,403.456.91%112,619.6916.17%103642.118830302

200620052004

Cash Flow200620052004

Operating Activities14,75350.68%9,791-48.49%19,009

Investment Activities-8,588-7,072-8,044

Financial Activities-3,341-5,085-5,842

Cash generated2,825-2,3665,123

& ' Cash and cash equivalents, beginning of the period7,533-23.90%9,899107.22%4,777

& Cash and cash equivalents, end of the period10,35837.50%7,533-23.90%9,899

loansTotal Bank Debt29,573.511.99%28,996.430.70%29,367.58

0.000.00%0.00%0.00%

Total Current Liabilities39.11%40.66%0.00%

Shareholders Equity60.89%59.34%0.00%

0.00%0.00%0.00%

nebt debt0.000.00%0.000.00%0.00

BANK DEBT ANALYSIS

Balance Sheet ( mil.)20062005

Sarantis Group

Long-Term Bank Debt9193

Short-Term Bank Debt48

Total Outstanding Bank Debt95101

Parent Company

Long-Term Bank Debt9696

Short-Term Bank Debt67

Total Outstanding Bank Debt102103

Total Interest Expenses55

Cost of Debt3.00%3.50%

Debt / Debt plus Equity3.00%3.50%

ROE (avg)25.00%25.00%

Interest Coverage0.030.04

BOND ISSUESMaturityAmountInterest Rate

NBG3/30/0720,000,0003.10%

ALPHA3/31/0720,000,0013.10%

HSBC4/1/0720,000,0023.10%

ATTICA4/2/0720,000,0033.10%

ABN AMRO4/3/0716,000,0003.10%

TOTAL AMOUNT96,000,006

&A

000

000

#REF!

Total Current Liabilities

Shareholders Equity

Financing Structure ( mil.)

Chart7

22.925.4525.99

1,96%

11.4%

2007

2008

2009

EBITDA ( )

Sumary_P&L

0000000000000

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Gross Profit Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBITDA Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBIT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Profit aAfetr Tax Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EATAM Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Oper Costs to Sales0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

( .)3M 2007%3M 2006%3M 2006

Pro Forma Joint Control

Financial Highlights ( mil.)200920082007%2005%2004

PublishedPublishedPro Forma Joint Control

Turnover66.049.61%60.2519.55%55.24

Gross Profit21.328.39%19.67-4.65%22.36

Gross Profit Margin50.79%49.25%49.50%

EBITDAEBITDA25.9925.4522.9043.30%15.98107.43%11.04

EBITDAEBITDA Margin15.52%13.39%13.81%

EBITEBIT13.895.79%13.1353.65%9.04

EBITEBIT Margin13.92%11.57%11.97%

EBT13.666.55%12.8259.39%8.57

EBT Margin13.45%12.50%12.99%

Income Tax4.01-8.86%4.40-1.96%4.09

Profit After Tax9.6414.22%8.44115.18%4.48

Profit After Tax Margin9.59%9.11%9.51%

EPS0.5315.22%0.46112.00%0.25

Turnover Q1 2006060.25

Organic Growth60.255.79

Turnover Q1 2007066.04

EBITDA Q1 2006015.98

Organic Effects15.986.92

EBITDA Q1 2007022.90

EBIT Q1 2006013.13

Organic Effects13.130.76

EBIT Q1 2007013.89

EATAM Q1 200600.00

Effect0.000.00

EATAM Q1 200700.00

Sumary_P&L

000

2004

2005

2006

Consolidated Gross Profit Margin (%)

Summary_Balance_Sheet

000

9.61%

19.55%

2004

2005

2006

Company Turnover ( mil)

11.0415.9818.87

70.92%

18.09%

2004

2005

2006

Company EBITDA ( mil)

000

53.65%

5.79%

2004

2005

2006

Company EBIT ( mil)

000

115.18%

14.22%

2004

2005

2006

Company EAT ( mil)

00

11,38%

2005

2006

( .)

00

29,14%

2005

2006

EBITDA ( .)

13.1313.89

34,01%

2005

2006

EBIT ( .)

00

22,51%

2005

2006

( .)

000

2004

2005

2006

Consolidated EBITDA Margin (%)

0.11969060040.11567785810.1391869111

2004

2005

2006

Consolidated EBIT Margin (%)

2005

2006

Consolidated EATAM Margin (%)

00

00

00

&A

Page &P

#REF!

#REF!

000

000

000

11.38%

2005

Organic Growth

2006

Consolidated Turnover ( mil)

0015.98

015.982.89

0018.87

29.14%

2005

Organic Growth

2006

Consolidated EBITDA ( mil)

0013.13

013.130.76

0013.89

34.01%

2005

Organic Growth

2006

Consolidated EBIT ( mil)

000

000

000

22.51%

2005

Organic Growth

2006

Consolidated EATAM ( mil)

19.6721.32

14,86%

2005

2006

( .)

000

8.39%

-4.65%

2004

2005

2006

Company Gross Profit ( mil)

000

112%

15.22%

2004

2005

2006

Company EPS ()

2004Q1 20056M 20059M 2005FY 2005Q1 20066M 20069M 2006FY 2006Q1 2007H1 20079M 20072007

ASSETS

Property Plant & Equipment44.3944.7942.340.000.000.00

Intangible Assets0.030.000.270.000.000.00

Investments13.3521.4121.450.000.000.00

Other Long Term Assets0.360.382.310.000.000.00

Deffered Tax6.023.443.120.000.000.00

Total Non Current Assets64.1670.0169.490.000.000.00

Inventories33.2740.0442.910.000.000.00

Trade Debtors (Clients)64.5073.4277.180.000.000.00

Other Receivables6.976.8311.850.000.000.00

Marketable Securities16.8016.5215.580.000.000.00

Cash & Banks7.019.9014.860.000.000.00

Other Short Term Receivables0.430.840.720.000.000.00

Total Current Assets128.97147.55163.090.000.000.00

Total Assets193.13217.56232.590.000.000.00

SHAREHOLDER'S EQUITY & LIABILITIES

L-T Bank Loans96.0092.8091.000.000.000.00

Deferred Tax Liabilities0.790.020.130.000.000.00

Retirement Benefit Obligations & Other Provisions6.995.496.350.000.000.00

Total Non Current Liabilities103.7798.3297.480.000.000.00

Trade Creditors (Creditors & Checks)44.5846.0748.010.000.000.00

S-T Bank Loans6.837.813.500.000.000.00

Other Short Term Liabilities1.312.583.200.000.000.00

Total Current Liabilities52.7256.4654.710.000.000.00

Share Capital57.2257.2257.220.000.000.00

Share Premium38.7538.7538.750.000.000.00

Fair Value & Other Reserves-66.12-54.30-41.690.000.000.00

Retained Earnings ( Note)6.7921.1126.130.000.000.00

Shareholders Equity36.6462.7880.400.000.000.00

Total Liabilities & Equity193.13217.56232.590.000.000.00

( .)2006%2005%2004

Balance Sheet ( mil.)2006%2005%2004

Assets

Property Plant & Equipment81,691.563.96%78,581.779.29%74,747.06

Inventories1,406.812.09%1,378.07-29.80%2003.94659

Trade Debtors (Clients)14,535.1332.75%10,949.6342.19%10222

Other Assets22,769.9521,710.2116669.20596

Total Assets120,403.456.91%112,619.6916.17%103642.210710302

Shareholder's Equity & Liabilities

L-T Bank Loans27,973.421.96%27,436.090.83%27742.523467

S-T Bank Loans1,600.092.55%1,560.35-1.54%1625.05659

Other Short Term Liabilities17,511.674.29%16,790.7239.27%12574.01712

Total Current Liabilities47,085.192.83%45,787.1612.26%41941.597177

Share Capital20,328.0012.00%18,150.0012.00%18150

Other52,990.2748,682.5343550.5216533021

Shareholders Equity73,318.279.70%66,832.5318.83%61700.52

Total Liabilities & Equity120,403.456.91%112,619.6916.17%103642.118830302

200620052004

Cash Flow200620052004

Operating Activities14,75350.68%9,791-48.49%19,009

Investment Activities-8,588-7,072-8,044

Financial Activities-3,341-5,085-5,842

Cash generated2,825-2,3665,123

& ' Cash and cash equivalents, beginning of the period7,533-23.90%9,899107.22%4,777

& Cash and cash equivalents, end of the period10,35837.50%7,533-23.90%9,899

loansTotal Bank Debt29,573.511.99%28,996.430.70%29,367.58

0.000.00%0.00%0.00%

Total Current Liabilities39.11%40.66%0.00%

Shareholders Equity60.89%59.34%0.00%

0.00%0.00%0.00%

nebt debt0.000.00%0.000.00%0.00

BANK DEBT ANALYSIS

Balance Sheet ( mil.)20062005

Sarantis Group

Long-Term Bank Debt9193

Short-Term Bank Debt48

Total Outstanding Bank Debt95101

Parent Company

Long-Term Bank Debt9696

Short-Term Bank Debt67

Total Outstanding Bank Debt102103

Total Interest Expenses55

Cost of Debt3.00%3.50%

Debt / Debt plus Equity3.00%3.50%

ROE (avg)25.00%25.00%

Interest Coverage0.030.04

BOND ISSUESMaturityAmountInterest Rate

NBG3/30/0720,000,0003.10%

ALPHA3/31/0720,000,0013.10%

HSBC4/1/0720,000,0023.10%

ATTICA4/2/0720,000,0033.10%

ABN AMRO4/3/0716,000,0003.10%

TOTAL AMOUNT96,000,006

&A

000

000

#REF!

Total Current Liabilities

Shareholders Equity

Financing Structure ( mil.)

Chart8

16.8320.3620.56

21%

2007

2008

2009

EBIT ( )

Sumary_P&L

0000000000000

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Gross Profit Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBITDA Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBIT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Profit aAfetr Tax Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EATAM Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Oper Costs to Sales0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

( .)3M 2007%3M 2006%3M 2006

Pro Forma Joint Control

Financial Highlights ( mil.)200920082007%2005%2004

PublishedPublishedPro Forma Joint Control

Turnover66.049.61%60.2519.55%55.24

Gross Profit21.328.39%19.67-4.65%22.36

Gross Profit Margin50.79%49.25%49.50%

EBITDAEBITDA18.8718.09%15.9870.92%11.04

EBITDAEBITDA Margin15.52%13.39%13.81%

EBITEBIT20.5620.3616.8328.18%13.1386.17%9.04

EBITEBIT Margin13.92%11.57%11.97%

EBT13.666.55%12.8259.39%8.57

EBT Margin13.45%12.50%12.99%

Income Tax4.01-8.86%4.40-1.96%4.09

Profit After Tax9.6414.22%8.44115.18%4.48

Profit After Tax Margin9.59%9.11%9.51%

EPS0.5315.22%0.46112.00%0.25

Turnover Q1 2006060.25

Organic Growth60.255.79

Turnover Q1 2007066.04

EBITDA Q1 2006015.98

Organic Effects15.982.89

EBITDA Q1 2007018.87

EBIT Q1 2006013.13

Organic Effects13.133.70

EBIT Q1 2007016.83

EATAM Q1 200600.00

Effect0.000.00

EATAM Q1 200700.00

Sumary_P&L

000

2004

2005

2006

Consolidated Gross Profit Margin (%)

Summary_Balance_Sheet

000

9.61%

19.55%

2004

2005

2006

Company Turnover ( mil)

000

70.92%

18.09%

2004

2005

2006

Company EBITDA ( mil)

9.0413.1313.89

53.65%

5.79%

2004

2005

2006

Company EBIT ( mil)

000

115.18%

14.22%

2004

2005

2006

Company EAT ( mil)

00

11,38%

2005

2006

( .)

00

29,14%

2005

2006

EBITDA ( .)

13.1313.89

34,01%

2005

2006

EBIT ( .)

00

22,51%

2005

2006

( .)

000

2004

2005

2006

Consolidated EBITDA Margin (%)

0.11969060040.11567785810.1391869111

2004

2005

2006

Consolidated EBIT Margin (%)

2005

2006

Consolidated EATAM Margin (%)

00

00

00

&A

Page &P

#REF!

#REF!

000

000

000

11.38%

2005

Organic Growth

2006

Consolidated Turnover ( mil)

0015.98

015.982.89

0018.87

29.14%

2005

Organic Growth

2006

Consolidated EBITDA ( mil)

0013.13

013.130.76

0013.89

34.01%

2005

Organic Growth

2006

Consolidated EBIT ( mil)

000

000

000

22.51%

2005

Organic Growth

2006

Consolidated EATAM ( mil)

19.6721.32

14,86%

2005

2006

( .)

000

8.39%

-4.65%

2004

2005

2006

Company Gross Profit ( mil)

000

112%

15.22%

2004

2005

2006

Company EPS ()

2004Q1 20056M 20059M 2005FY 2005Q1 20066M 20069M 2006FY 2006Q1 2007H1 20079M 20072007

ASSETS

Property Plant & Equipment44.3944.7942.340.000.000.00

Intangible Assets0.030.000.270.000.000.00

Investments13.3521.4121.450.000.000.00

Other Long Term Assets0.360.382.310.000.000.00

Deffered Tax6.023.443.120.000.000.00

Total Non Current Assets64.1670.0169.490.000.000.00

Inventories33.2740.0442.910.000.000.00

Trade Debtors (Clients)64.5073.4277.180.000.000.00

Other Receivables6.976.8311.850.000.000.00

Marketable Securities16.8016.5215.580.000.000.00

Cash & Banks7.019.9014.860.000.000.00

Other Short Term Receivables0.430.840.720.000.000.00

Total Current Assets128.97147.55163.090.000.000.00

Total Assets193.13217.56232.590.000.000.00

SHAREHOLDER'S EQUITY & LIABILITIES

L-T Bank Loans96.0092.8091.000.000.000.00

Deferred Tax Liabilities0.790.020.130.000.000.00

Retirement Benefit Obligations & Other Provisions6.995.496.350.000.000.00

Total Non Current Liabilities103.7798.3297.480.000.000.00

Trade Creditors (Creditors & Checks)44.5846.0748.010.000.000.00

S-T Bank Loans6.837.813.500.000.000.00

Other Short Term Liabilities1.312.583.200.000.000.00

Total Current Liabilities52.7256.4654.710.000.000.00

Share Capital57.2257.2257.220.000.000.00

Share Premium38.7538.7538.750.000.000.00

Fair Value & Other Reserves-66.12-54.30-41.690.000.000.00

Retained Earnings ( Note)6.7921.1126.130.000.000.00

Shareholders Equity36.6462.7880.400.000.000.00

Total Liabilities & Equity193.13217.56232.590.000.000.00

( .)2006%2005%2004

Balance Sheet ( mil.)2006%2005%2004

Assets

Property Plant & Equipment81,691.563.96%78,581.779.29%74,747.06

Inventories1,406.812.09%1,378.07-29.80%2003.94659

Trade Debtors (Clients)14,535.1332.75%10,949.6342.19%10222

Other Assets22,769.9521,710.2116669.20596

Total Assets120,403.456.91%112,619.6916.17%103642.210710302

Shareholder's Equity & Liabilities

L-T Bank Loans27,973.421.96%27,436.090.83%27742.523467

S-T Bank Loans1,600.092.55%1,560.35-1.54%1625.05659

Other Short Term Liabilities17,511.674.29%16,790.7239.27%12574.01712

Total Current Liabilities47,085.192.83%45,787.1612.26%41941.597177

Share Capital20,328.0012.00%18,150.0012.00%18150

Other52,990.2748,682.5343550.5216533021

Shareholders Equity73,318.279.70%66,832.5318.83%61700.52

Total Liabilities & Equity120,403.456.91%112,619.6916.17%103642.118830302

200620052004

Cash Flow200620052004

Operating Activities14,75350.68%9,791-48.49%19,009

Investment Activities-8,588-7,072-8,044

Financial Activities-3,341-5,085-5,842

Cash generated2,825-2,3665,123

& ' Cash and cash equivalents, beginning of the period7,533-23.90%9,899107.22%4,777

& Cash and cash equivalents, end of the period10,35837.50%7,533-23.90%9,899

loansTotal Bank Debt29,573.511.99%28,996.430.70%29,367.58

0.000.00%0.00%0.00%

Total Current Liabilities39.11%40.66%0.00%

Shareholders Equity60.89%59.34%0.00%

0.00%0.00%0.00%

nebt debt0.000.00%0.000.00%0.00

BANK DEBT ANALYSIS

Balance Sheet ( mil.)20062005

Sarantis Group

Long-Term Bank Debt9193

Short-Term Bank Debt48

Total Outstanding Bank Debt95101

Parent Company

Long-Term Bank Debt9696

Short-Term Bank Debt67

Total Outstanding Bank Debt102103

Total Interest Expenses55

Cost of Debt3.00%3.50%

Debt / Debt plus Equity3.00%3.50%

ROE (avg)25.00%25.00%

Interest Coverage0.030.04

BOND ISSUESMaturityAmountInterest Rate

NBG3/30/0720,000,0003.10%

ALPHA3/31/0720,000,0013.10%

HSBC4/1/0720,000,0023.10%

ATTICA4/2/0720,000,0033.10%

ABN AMRO4/3/0716,000,0003.10%

TOTAL AMOUNT96,000,006

&A

000

000

#REF!

Total Current Liabilities

Shareholders Equity

Financing Structure ( mil.)

Chart9

12.7415.1214.39

18.6%

2007

2008

2009

( )

Sumary_P&L

0000000000000

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Gross Profit Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBITDA Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBIT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Profit aAfetr Tax Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EATAM Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Oper Costs to Sales0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

( .)3M 2007%3M 2006%3M 2006

Pro Forma Joint Control

Financial Highlights ( mil.)200920082007%2005%2004

PublishedPublishedPro Forma Joint Control

Turnover66.049.61%60.2519.55%55.24

Gross Profit21.328.39%19.67-4.65%22.36

Gross Profit Margin50.79%49.25%49.50%

EBITDAEBITDA18.8718.09%15.9870.92%11.04

EBITDAEBITDA Margin15.52%13.39%13.81%

EBITEBIT13.895.79%13.1353.65%9.04

EBITEBIT Margin13.92%11.57%11.97%

EBT13.666.55%12.8259.39%8.57

EBT Margin13.45%12.50%12.99%

Income Tax4.01-8.86%4.40-1.96%4.09

Profit After Tax14.3915.1212.7450.95%8.44184.38%4.48

Profit After Tax Margin9.59%9.11%9.51%

EPS0.5315.22%0.46112.00%0.25

Turnover Q1 2006060.25

Organic Growth60.255.79

Turnover Q1 2007066.04

EBITDA Q1 2006015.98

Organic Effects15.982.89

EBITDA Q1 2007018.87

EBIT Q1 2006013.13

Organic Effects13.130.76

EBIT Q1 2007013.89

EATAM Q1 200600.00

Effect0.000.00

EATAM Q1 200700.00

Sumary_P&L

000

2004

2005

2006

Consolidated Gross Profit Margin (%)

Summary_Balance_Sheet

000

9.61%

19.55%

2004

2005

2006

Company Turnover ( mil)

000

70.92%

18.09%

2004

2005

2006

Company EBITDA ( mil)

000

53.65%

5.79%

2004

2005

2006

Company EBIT ( mil)

4.488.449.64

115.18%

14.22%

2004

2005

2006

Company EAT ( mil)

00

11,38%

2005

2006

( .)

00

29,14%

2005

2006

EBITDA ( .)

13.1313.89

34,01%

2005

2006

EBIT ( .)

00

22,51%

2005

2006

( .)

000

2004

2005

2006

Consolidated EBITDA Margin (%)

0.11969060040.11567785810.1391869111

2004

2005

2006

Consolidated EBIT Margin (%)

2005

2006

Consolidated EATAM Margin (%)

00

00

00

&A

Page &P

#REF!

#REF!

000

000

000

11.38%

2005

Organic Growth

2006

Consolidated Turnover ( mil)

0015.98

015.982.89

0018.87

29.14%

2005

Organic Growth

2006

Consolidated EBITDA ( mil)

0013.13

013.130.76

0013.89

34.01%

2005

Organic Growth

2006

Consolidated EBIT ( mil)

000

000

000

22.51%

2005

Organic Growth

2006

Consolidated EATAM ( mil)

19.6721.32

14,86%

2005

2006

( .)

000

8.39%

-4.65%

2004

2005

2006

Company Gross Profit ( mil)

000

112%

15.22%

2004

2005

2006

Company EPS ()

2004Q1 20056M 20059M 2005FY 2005Q1 20066M 20069M 2006FY 2006Q1 2007H1 20079M 20072007

ASSETS

Property Plant & Equipment44.3944.7942.340.000.000.00

Intangible Assets0.030.000.270.000.000.00

Investments13.3521.4121.450.000.000.00

Other Long Term Assets0.360.382.310.000.000.00

Deffered Tax6.023.443.120.000.000.00

Total Non Current Assets64.1670.0169.490.000.000.00

Inventories33.2740.0442.910.000.000.00

Trade Debtors (Clients)64.5073.4277.180.000.000.00

Other Receivables6.976.8311.850.000.000.00

Marketable Securities16.8016.5215.580.000.000.00

Cash & Banks7.019.9014.860.000.000.00

Other Short Term Receivables0.430.840.720.000.000.00

Total Current Assets128.97147.55163.090.000.000.00

Total Assets193.13217.56232.590.000.000.00

SHAREHOLDER'S EQUITY & LIABILITIES

L-T Bank Loans96.0092.8091.000.000.000.00

Deferred Tax Liabilities0.790.020.130.000.000.00

Retirement Benefit Obligations & Other Provisions6.995.496.350.000.000.00

Total Non Current Liabilities103.7798.3297.480.000.000.00

Trade Creditors (Creditors & Checks)44.5846.0748.010.000.000.00

S-T Bank Loans6.837.813.500.000.000.00

Other Short Term Liabilities1.312.583.200.000.000.00

Total Current Liabilities52.7256.4654.710.000.000.00

Share Capital57.2257.2257.220.000.000.00

Share Premium38.7538.7538.750.000.000.00

Fair Value & Other Reserves-66.12-54.30-41.690.000.000.00

Retained Earnings ( Note)6.7921.1126.130.000.000.00

Shareholders Equity36.6462.7880.400.000.000.00

Total Liabilities & Equity193.13217.56232.590.000.000.00

( .)2006%2005%2004

Balance Sheet ( mil.)2006%2005%2004

Assets

Property Plant & Equipment81,691.563.96%78,581.779.29%74,747.06

Inventories1,406.812.09%1,378.07-29.80%2003.94659

Trade Debtors (Clients)14,535.1332.75%10,949.6342.19%10222

Other Assets22,769.9521,710.2116669.20596

Total Assets120,403.456.91%112,619.6916.17%103642.210710302

Shareholder's Equity & Liabilities

L-T Bank Loans27,973.421.96%27,436.090.83%27742.523467

S-T Bank Loans1,600.092.55%1,560.35-1.54%1625.05659

Other Short Term Liabilities17,511.674.29%16,790.7239.27%12574.01712

Total Current Liabilities47,085.192.83%45,787.1612.26%41941.597177

Share Capital20,328.0012.00%18,150.0012.00%18150

Other52,990.2748,682.5343550.5216533021

Shareholders Equity73,318.279.70%66,832.5318.83%61700.52

Total Liabilities & Equity120,403.456.91%112,619.6916.17%103642.118830302

200620052004

Cash Flow200620052004

Operating Activities14,75350.68%9,791-48.49%19,009

Investment Activities-8,588-7,072-8,044

Financial Activities-3,341-5,085-5,842

Cash generated2,825-2,3665,123

& ' Cash and cash equivalents, beginning of the period7,533-23.90%9,899107.22%4,777

& Cash and cash equivalents, end of the period10,35837.50%7,533-23.90%9,899

loansTotal Bank Debt29,573.511.99%28,996.430.70%29,367.58

0.000.00%0.00%0.00%

Total Current Liabilities39.11%40.66%0.00%

Shareholders Equity60.89%59.34%0.00%

0.00%0.00%0.00%

nebt debt0.000.00%0.000.00%0.00

BANK DEBT ANALYSIS

Balance Sheet ( mil.)20062005

Sarantis Group

Long-Term Bank Debt9193

Short-Term Bank Debt48

Total Outstanding Bank Debt95101

Parent Company

Long-Term Bank Debt9696

Short-Term Bank Debt67

Total Outstanding Bank Debt102103

Total Interest Expenses55

Cost of Debt3.00%3.50%

Debt / Debt plus Equity3.00%3.50%

ROE (avg)25.00%25.00%

Interest Coverage0.030.04

BOND ISSUESMaturityAmountInterest Rate

NBG3/30/0720,000,0003.10%

ALPHA3/31/0720,000,0013.10%

HSBC4/1/0720,000,0023.10%

ATTICA4/2/0720,000,0033.10%

ABN AMRO4/3/0716,000,0003.10%

TOTAL AMOUNT96,000,006

&A

000

000

#REF!

Total Current Liabilities

Shareholders Equity

Financing Structure ( mil.)

Chart10

0.420.41680.3964

2007

2008

2009

EPS ()

Sumary_P&L

0000000000000

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Gross Profit Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBITDA Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBIT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EBT Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Profit aAfetr Tax Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

00.000.000.000.000.000.000.000.000.000.000.000.000.00

EATAM Margin0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

00.000.000.000.000.000.000.000.000.000.000.000.000.00

Oper Costs to Sales0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

( .)3M 2007%3M 2006%3M 2006

Pro Forma Joint Control

Financial Highlights ( mil.)2009200820072006%2005%2004

PublishedPublishedPro Forma Joint Control

Turnover66.049.61%60.2519.55%55.24

Gross Profit21.328.39%19.67-4.65%22.36

Gross Profit Margin50.79%49.25%49.50%

EBITDAEBITDA18.8718.09%15.9870.92%11.04

EBITDAEBITDA Margin15.52%13.39%13.81%

EBITEBIT13.895.79%13.1353.65%9.04

EBITEBIT Margin13.92%11.57%11.97%

EBT13.666.55%12.8259.39%8.57

EBT Margin13.45%12.50%12.99%

Income Tax4.01-8.86%4.40-1.96%4.09

Profit After Tax9.6414.22%8.44115.18%4.48

Profit After Tax Margin9.59%9.11%9.51%

EPS0.39640.41680.420.3552.17%0.2340.00%0.25

Turnover Q1 2006060.25

Organic Growth60.255.79

Turnover Q1 2007066.04

EBITDA Q1 2006015.98

Organic Effects15.982.89

EBITDA Q1 2007018.87

EBIT Q1 2006013.13

Organic Effects13.130.76

EBIT Q1 2007013.89

EATAM Q1 200600.00

Effect0.000.00

EATAM Q1 200700.00

Sumary_P&L

000

2004

2005

2006

Consolidated Gross Profit Margin (%)

Summary_Balance_Sheet

000

9.61%

19.55%

2004

2005

2006

Company Turnover ( mil)

000

70.92%

18.09%

2004

2005

2006

Company EBITDA ( mil)

000

53.65%

5.79%

2004

2005

2006

Company EBIT ( mil)

000

115.18%

14.22%

2004

2005

2006

Company EAT ( mil)

00

11,38%

2005

2006

( .)

00

29,14%

2005

2006

EBITDA ( .)

13.1313.89

34,01%

2005

2006

EBIT ( .)

00

22,51%

2005

2006

( .)

000

2004

2005

2006

Consolidated EBITDA Margin (%)

0.11969060040.11567785810.1391869111

2004

2005

2006

Consolidated EBIT Margin (%)

2005

2006

Consolidated EATAM Margin (%)

00

00

00

&A

Page &P

#REF!

#REF!

000

000

000

11.38%

2005

Organic Growth

2006

Consolidated Turnover ( mil)

0015.98

015.982.89

0018.87

29.14%

2005

Organic Growth

2006

Consolidated EBITDA ( mil)

0013.13

013.130.76

0013.89

34.01%

2005

Organic Growth

2006

Consolidated EBIT ( mil)

000

000

000

22.51%

2005

Organic Growth

2006

Consolidated EATAM ( mil)

19.6721.32

14,86%

2005

2006

( .)

000

8.39%

-4.65%

2004

2005

2006

Company Gross Profit ( mil)

0.250.460.53

112%

15.22%

2004

2005

2006

Company EPS ()

2004Q1 20056M 20059M 2005FY 2005Q1 20066M 20069M 2006FY 2006Q1 2007H1 20079M 20072007

ASSETS

Property Plant & Equipment44.3944.7942.340.000.000.00

Intangible Assets0.030.000.270.000.000.00

Investments13.3521.4121.450.000.000.00

Other Long Term Assets0.360.382.310.000.000.00

Deffered Tax6.023.443.120.000.000.00

Total Non Current Assets64.1670.0169.490.000.000.00

Inventories33.2740.0442.910.000.000.00

Trade Debtors (Clients)64.5073.4277.180.000.000.00

Other Receivables6.976.8311.850.000.000.00

Marketable Securities16.8016.5215.580.000.000.00

Cash & Banks7.019.9014.860.000.000.00

Other Short Term Receivables0.430.840.720.000.000.00

Total Current Assets128.97147.55163.090.000.000.00

Total Assets193.13217.56232.590.000.000.00

SHAREHOLDER'S EQUITY & LIABILITIES

L-T Bank Loans96.0092.8091.000.000.000.00

Deferred Tax Liabilities0.790.020.130.000.000.00

Retirement Benefit Obligations & Other Provisions6.995.496.350.000.000.00

Total Non Current Liabilities103.7798.3297.480.000.000.00

Trade Creditors (Creditors & Checks)44.5846.0748.010.000.000.00

S-T Bank Loans6.837.813.500.000.000.00

Other Short Term Liabilities1.312.583.200.000.000.00

Total Current Liabilities52.7256.4654.710.000.000.00

Share Capital57.2257.2257.220.000.000.00

Share Premium38.7538.7538.750.000.000.00

Fair Value & Other Reserves-66.12-54.30-41.690.000.000.00

Retained Earnings ( Note)6.7921.1126.130.000.000.00

Shareholders Equity36.6462.7880.400.000.000.00

Total Liabilities & Equity193.13217.56232.590.000.000.00

( .)2006%2005%2004

Balance Sheet ( mil.)2006%2005%2004

Assets

Property Plant & Equipment81,691.563.96%78,581.779.29%74,747.06

Inventories1,406.812.09%1,378.07-29.80%2003.94659

Trade Debtors (Clients)14,535.1332.75%10,949.6342.19%10222

Other Assets22,769.9521,710.2116669.20596

Total Assets120,403.456.91%112,619.6916.17%103642.210710302

Shareholder's Equity & Liabilities

L-T Bank Loans27,973.421.96%27,436.090.83%27742.523467

S-T Bank Loans1,600.092.55%1,560.35-1.54%1625.05659

Other Short Term Liabilities17,511.674.29%16,790.7239.27%12574.01712

Total Current Liabilities47,085.192.83%45,787.1612.26%41941.597177

Share Capital20,328.0012.00%18,150.0012.00%18150

Other52,990.2748,682.5343550.5216533021

Shareholders Equity73,318.279.70%66,832.5318.83%61700.52

Total Liabilities & Equity120,403.456.91%112,619.6916.17%103642.118830302

200620052004

Cash Flow200620052004

Operating Activities14,75350.68%9,791-48.49%19,009

Investment Activities-8,588-7,072-8,044

Financial Activities-3,341-5,085-5,842

Cash generated2,825-2,3665,123

& ' Cash and cash equivalents, beginning of the period7,533-23.90%9,899107.22%4,777

& Cash and cash equivalents, end of the period10,35837.50%7,533-23.90%9,899

loansTotal Bank Debt29,573.511.99%28,996.430.70%29,367.58

0.000.00%0.00%0.00%

Total Current Liabilities39.11%40.66%0.00%

Shareholders Equity60.89%59.34%0.00%

0.00%0.00%0.00%

nebt debt0.000.00%0.000.00%0.00

BANK DEBT ANALYSIS

Balance Sheet ( mil.)20062005

Sarantis Group

Long-Term Bank Debt9193

Short-Term Bank Debt48

Total Outstanding Bank Debt95101

Parent Company

Long-Term Bank Debt9696

Short-Term Bank Debt67

Total Outstanding Bank Debt102103

Total Interest Expenses55

Cost of Debt3.00%3.50%

Debt / Debt plus Equity3.00%3.50%

ROE (avg)25.00%25.00%

Interest Coverage0.030.04

BOND ISSUESMaturityAmountInterest Rate

NBG3/30/0720,000,0003.10%

ALPHA3/31/0720,000,0013.10%

HSBC4/1/0720,000,0023.10%

ATTICA4/2/0720,000,0033.10%

ABN AMRO4/3/0716,000,0003.10%

TOTAL AMOUNT96,000,006

&A

000

000

#REF!

Total Current Liabilities

Shareholders Equity

Financing Structure ( mil.)

Sheet1

( .)

20092008

77.37675.9191.92%

47.05444.8115.01%

22.09322.0170.35%

14.39115.128-4.87%

30.32231.108-2.53%

EBITDA25.99925.4981.96%

100.62291.31510.19%

15.16612.92417.35%

0.00%

2009

1

Financial Data

2009200820072006

& (%)2004-20052004-20062004-20072004-2008 (%)2004-20052005-20062006-20072007-2008

39.19%40.97%34.73%32.29%0.000.000.000.000.000.004.54-15.23

26.57%26.82%24.01%21.05% 0.000.000.000.00 0.000.000.94-10.48

0.000.000.000.00 0.000.000.000.00

ROE21.96%24.11%21.75%19.04% 0.000.000.000.00 0.000.009.79-9.79

ROA13.99%14.85%13.18%11.34% 0.000.000.000.00 0.000.006.15-11.25

0.000.000.000.00 0.000.000.000.00

2.28%2.02%2.00%2.03% 0.000.000.000.00 0.000.00-11.40-0.99

0.000.000.000.00 0.000.000.000.00

/ 175.52%160.31%154.40%147.31% 0000 0000

0.000.000.000.00 0.000.000.000.00

39.64%41.68%34.27%25.32% 0.000.000.000.00 0.000.005.15-17.78

& & .. & ..

2006200720082008 (%)2004-20052004-20062004-20072004-2008 (%)2004-20052004-20062004-20072004-2008

00000.000.000.000.000.000.004.54-15.23

ROE0000 0.000.000.000.00 0.000.009.79-9.79

/ 2221 0000 0000

2222 0.000.000.000.00 0.000.00-4.77-6.44

0000 0.000.000.000.00 0.000.000.94-10.48

ROA0000 0.000.000.000.00 0.000.006.15-11.25

0000000.000.000.000.0000.000.000.000.00

0000000.000.000.000.0000.000.000.000.00

0000000.000.000.000.0000.000.000.000.00

0000 0.000.000.000.00 0.000.00-11.40-0.99

0000 0.000.000.000.00 0.000.000.000.00

00000.000.000.000.000.000.000.000.00

0000

00000

200620072008200820042005200620072008

463,959472,617493,490493,490 444,684453,252463,959472,617493,490

551506439439 584561551506439

2006200720082008 20042005200620072008

000000111

0000 00011

0000 00000

0000 00000

000000000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00111

0000 00-1-10

200620072008200820042005200620072008

463,959472,617493,490493,490 444,684453,252463,959472,617493,490

551506439439 584561551506439

2006200720082008 20042005200620072008

000000111

0000 00000

0000 00000

0000 00111

0000 00011

0000 00000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00000

0000 00111

0000 00000

&F&R &P

Financial Data

39.1926.572009-2321

70100457572434302008

75919446933122602007

Costumers-Employees

000

000

178772.161265629172113.0222054950

8.3009985735-2.325327272328.2750688083

%

3

0.131800439300

163.531993136100

162.021520192900

/

0.08446867070.0572679914000

148.323060744796.816238095551.506822649200

153.841009949590.565158361963.275851587700

/

61.15000

77288000

79956000

.

0000

0000

71.12522686030-421.0526315789-7709.6188747731

138537.54940711548108.695652173900

172936.21867881571129.84054669700

/

000

000

110.980036297600

152743.08300395300

182132.11845102500

/

200420052006200720082009

'

584561551506439

MBD001ADB47.doc

MBD001C5437.doc

MBD001C6092.doc

MBD001AEF0A.doc

2009

() 77,4 . 2009 75,9 . 2008 1,92%

() 22,1 . 2009 22 . 2008 0,34%.

() 14,4 . 2009 15,1 . 2009 4,88%.

() EBITDA 26 . 2009 25,5 . 2008 1,97%

() 14 . 2009 11,7 . 2008 20%.

() 1,9 . 2009 3,1 . 2008 38%

2009

31/12/2009, .

2009 .

28,55% 29,00%

.

4

1

Financial Data

& & .. & ..

2004 (% )%

2006200720082009 (%)2004-20052004-20062004-20072004-2008 (%)2004-20052005-20062006-20072007-2008

66,03570,10075,91977,3760.000.000.000.000.000.006.168.30

44,71245,75744,69347,054 0.000.000.000.00 0.000.002.34-2.33

21,32324,34331,22630,322 0.000.000.000.00 0.000.0014.1628.28

6,2257,1884,0374,748 0.000.000.000.00 0.000.0015.47-43.84

27,54931,53235,26235,0690.000.000.000.000.000.0014.4611.83

6,6247,5967,6687,489 0.000.000.000.00 0.000.0014.670.95

6851,094496314 0.000.000.000.00 0.000.0059.71-54.66

3,6313,7373,8715,745 0.000.000.000.00 0.000.002.923.59

2,7212,2712,888962 0.000.000.000.00 0.000.00-16.5427.17

13,88816,83420,33920,561 0.000.000.000.00 0.000.0021.2120.82

2326531,6601,533 0.000.000.000.00 0.000.00181.47154.21

13,65617,48721,99922,093 0.000.000.000.00 0.000.0028.0525.80

0000 0000 0000

13,65617,48721,99922,093 0.000.000.000.00 0.000.0028.0525.80

4,0164,7456,8857,703 0.000.000.000.00 0.000.0018.1545.10

9,64012,74215,11514,390 0.000.000.000.00 0.000.0032.1818.62

& & .. & ..

2006200720082008 (%)2004-20052004-20062004-20072004-2008 (%)2004-20052004-20062004-20072004-2008

66,03570,10075,91977,3760.000.000.000.000.000.006.168.30

6,2257,1884,0374,748 0.000.000.000.00 0.000.0015.47-43.84

0000 0000 0000

72,26077,28879,95682,124 0.000.000.000.00 0.000.006.963.45

44,71245,75744,69347,054 0.000.000.000.00 0.000.002.34-2.33

6,6247,5967,6687,489 0.000.000.000.00 0.000.0014.670.95

6851,094496314 0.000.000.000.00 0.000.0059.71-54.66

3,6313,7373,8715,745 0.000.000.000.00 0.000.002.923.59

2,7212,2712,888962 0.000.000.000.00 0.000.00-16.5427.17

2326531,6601,533 0.000.000.000.00 0.000.00181.47154.21

58,60559,80257,95660,031 0.000.000.000.00 0.000.002.04-3.09

13,65517,48622,00022,0930.000.000.000.000.000.0028.0625.81

4,0164,7456,8857,703

9,64012,74215,11514,390

200620072008200820042005200620072008

463,959472,617493,490493,490 444,684453,252463,959472,617493,490

551506439439 584561551506439

2006200720082008 20042005200620072008

14214815415700119,846138,538172,936

96979195 0081,14790,429101,806

46526361 0038,69948,10971,130

1315810 00000

5967717100000

14161615 00000

1211 00000

88812 00000

6562 00000

30364142 00000

1133 00000

29374545 00000

0000 00000

29374545 0024,78434,55950,112

9101416 007,2899,37715,683

21273230 0017,49525,18234,429

200620072008200820042005200620072008

463,959472,617493,490493,490 444,684453,252463,959472,617493,490

551506439439 584561551506439

2006200720082008 20042005200620072008

14214815415700119,846138,538172,936

1315810 0011,29814,2069,196

0000 00000

156164162166 00131,143152,743182,132

96979195 0081,14790,429101,806

14161615 0012,02215,01217,467

1211 001,2432,1621,130

88812 006,5907,3858,818

6562 004,9384,4886,579

1133 004211,2913,781

126127117122 00106,361118,186132,018

29374545 0024,78434,55950,112

9101416 007,2899,37715,683

21273129 0017,49625,18234,429

&F&R &P

Financial Data

Costumers-Employees

%

3

/

/

.

/

/

200420052006200720082009

'

584561551506439

MBD001802D7.doc

MBD001AEF0A.doc

MBD001C6092.doc

MBD001C6390.doc

MBD001C5437.doc

MBD001ADB47.doc

4

Chart1

66

70.1

75.9

77.4

( .)

Sheet1

2006200720082009

66.070.175.977.4

44,71245,75744,69347,054

21,32324,34331,22630,322

Sheet1

0

0

0

0

( .)

4

Chart3

21.3

24.3

31.2

30.3

( .)

Sheet1

2006200720082009

66.070.175.977.4

44.745.844.747.0

21.324.331.230.3

Sheet1

0

0

0

0

( .)

0

0

0

0

( .)

0

0

0

0

( .)

4

1

9.608936692910.19593345668.3981495603

6.15582645572.337180175314.1631102565

8.3009985735-2.325327272317

1.91915067375.2827064641-2.895023378

%

28,.28

1

Financial Data

& .. & .. & ..

2004 (% )%

200420052006200720082009 (%)2004-20052004-20062004-20072004-2008 (%)2004-20052005-20062006-20072007-20082008-20092009-2010

55,23560,24666,03570,10075,91977,3769.0719.5526.9137.459.079.616.168.301.921.92

32,87740,57544,71245,75744,69347,054 23.4136.0039.1835.94 23.4110.202.34-2.335.285.01

22,35819,67121,32324,34331,22630,322 -12.02-4.638.8839.66 -12.028.4014.1617.00-2.90-2.53

4,7116,4896,2257,1884,0374,748 37.7432.1452.58-14.31 37.74-4.0715.47-43.8417.61

27,07026,16127,54931,53235,26235,069-3.361.7716.4830.26-3.365.3114.4611.83-0.55

6,5357,8976,6247,5967,6687,489 20.841.3616.2417.34 20.84-16.1214.670.95-2.33

3233086851,094496314 -4.64112.07238.7053.56 -4.64122.4059.71-54.66-36.69

3,6233,8793,6313,7373,8715,745 7.070.223.156.85 7.07-6.392.923.5948.41

7,5469462,7212,2712,888962 -87.46-63.94-69.90-61.73 -87.46187.63-16.5427.17-66.69

9,04313,13113,88816,83420,33920,561 45.2153.5886.16124.91 45.215.7621.2120.821.09

4693112326531,6601,533 -33.69-50.5339.23253.94 -33.69-25.40181.47154.21-7.65

8,57412,82013,65617,48721,99922,093 49.5259.27103.95156.58 49.526.5228.0525.800.43

000000 0000 00001

8,57412,82013,65617,48721,99922,093 49.5259.27103.95156.58 49.526.5228.0525.800.43

4,0964,3844,0164,7456,8857,703 7.03-1.9515.8468.09 7.03-8.3918.1545.1011.88

4,4788,4369,64012,74215,11514,390 88.39115.27184.55237.54 88.3914.2732.1818.62-4.80

& .. & .. & ..

200420052006200720082008 (%)2004-20052004-20062004-20072004-2008 (%)2004-20052004-20062004-20072004-2008

55,23560,24666,03570,10075,91977,3769.0719.5526.9137.459.079.616.168.30

4,7116,4896,2257,1884,0374,748 37.7432.1452.58-14.31 37.74-4.0715.47-43.84

000000 0000 0000

59,94666,73572,26077,28879,95682,124 11.3320.5428.9333.38 11.338.286.963.45

32,87740,57544,71245,75744,69347,054 23.4136.0039.1835.94 23.4110.202.34-2.33

6,5357,8976,6247,5967,6687,489 20.841.3616.2417.34 20.84-16.1214.670.95

3233086851,094496314 -4.64112.07238.7053.56 -4.64122.4059.71-54.66

3,6233,8793,6313,7373,8715,745 7.070.223.156.85 7.07-6.392.923.59

7,5469462,7212,2712,888962 -87.46-63.94-69.90-61.73 -87.46187.63-16.5427.17

4693112326531,6601,533 -33.69-50.5339.23253.94 -33.69-25.40181.47154.21

51,37353,91658,60559,80257,95660,031 4.9514.0816.4112.81 4.958.702.04-3.09

8,57312,81913,65517,48622,00022,09349.5359.28103.97156.6249.536.5228.0625.81

4,0964,3844,0164,7456,8857,703

4,4788,4369,64012,74215,11514,390

0.2162241027

20042005200620072008200820042005200620072008

444,684453,252463,959472,617493,490493,490 444,684453,252463,959472,617493,490

584561551506439439 584561551506439

200420052006200720082008 20042005200620072008

12413314214815415794,580107,390119,846138,538172,936

749096979195 56,29672,32681,14790,429101,806

504346526361 38,28435,06438,69948,10971,130

11141315810 000-00

615859677171-00000

151714161615 00000

111211 -00100

8988812 00000

1726562 -0-0-0-00

202930364142 0-0-000

111133 -0-0010

192829374545 00-010

000000 00000

192829374545 14,68222,85224,78434,55950,112

9109101416 7,0147,8157,2899,37715,683

101921273230 7,66815,03717,49525,18234,429

20042005200620072008200820042005200620072008

444,684453,252463,959472,617493,490493,490 444,684453,252463,959472,617493,490

584561551506439439 584561551506439

200420052006200720082008 20042005200620072008

12413314214815415794,580107,390119,846138,538172,936

11141315810 8,06711,56711,29814,2069,196

000000 00000

135147156164162166 102,647118,957131,143152,743182,132

749096979195 56,29672,32681,14790,429101,806

151714161615 11,19014,07712,02215,01217,467

111211 5535491,2432,1621,130

8988812 6,2046,9146,5907,3858,818

1726562 12,9211,6864,9384,4886,579

111133 8035544211,2913,781

116119126127117122 87,96796,107106,361118,186132,018

192829374545 14,68222,85224,78434,55950,112

9109101416 7,0147,8157,2899,37715,683

101921273129 7,66815,03817,49625,18234,429

&F&R &P

Financial Data

00000

00000

00000

00000

00000

Costumers-Employees

000

000

000

000

%

3

000

000

000

000

000

/

00000

00000

00000

00000

00000

/

599465137385734478

6673553916128198436

7226058605136559640

77288598021748612742

79956579562200015115

.

0000

0000

0000

0000

0000

/

000

000

000

000

000

/

200420052006200720082009

'

584561551506439

MBD001802D7.doc

MBD001AEF0A.doc

MBD001C6092.doc

MBD001C6390.doc

MBD001C5437.doc

MBD001ADB47.doc

..

Chart1

610

638

614

615

627

606

584

561

549

509

439

405

Investment Plan

1

/ 20072008200920102011/ 20072008200920102011

1.1 6000 m21.902.001.105.0011.902.001.200.300.606.00

1.2 4000 m20.100.300.601.002 0.550.550.650.750.903.40

1.902.001.200.300.606.003 0.050.050.050.050.250.45

40.050.050.050.050.050.25

2 5...0.150.350.400.400.201.50

/ 200720082009201020116 0.100.100.100.100.100.50

2.1 2000000.500.500.600.700.753.057 0.050.150.150.200.200.75

2.20.050.050.050.050.150.3580.300.702.503.904.6012.00

0.550.550.650.750.903.409 5.906.256.208.409.4036.15

104.054.754.855.806.5526.00

3 11 0.100.000.000.000.000.10

/ 2007200820092010201112 3.204.357.850.050.1515.60

3.10.050.050.050.050.250.4516.4019.3024.0020.0023.00102.70

0.050.050.050.050.250.45

4

/ 20072008200920102011

4.1, 0.050.050.050.050.050.25

0.050.050.050.050.050.25

5

/ 20072008200920102011

5.1 0.150.350.400.400.201.50

0.150.350.400.400.201.50

6

/ 20072008200920102011

6.1 0.100.100.100.100.100.50

0.100.100.100.100.100.50

7

/ 20072008200920102011

7.10.050.150.150.20.20.75

0.050.150.150.200.200.75

8 &

/ 20072008200920102011

8.10.300.702.503.904.6012.00

0.300.702.503.904.6012.00

9

/ 20072008200920102011

9.12.502.052.052.302.4011.30

9.2 -2.302.902.903.704.1015.90

9.3-0.800.750.601.251.605.00

9.40.100.100.100.300.401.00

9.50.050.200.250.250.200.95

9.60.150.250.300.600.702.00

5.906.256.208.409.4036.15

10

/ 20072008200920102011

10.11.501.501.501.501.707.70

10.2 -0.801.101.001.752.006.65

10.3-1.201.001.001.001.205.40

10.40.300.750.951.050.954.00

10.50.050.100.100.150.150.55

10.60.200.300.300.350.551.70

4.054.754.855.806.5526.00

11

/ 20072008200920102011

11.1 0.10.10

0.100.000.000.000.000.10

12-

/ 20072008200920102011

12.1

0.200.801.800.000.002.805.10

1.653.154.806.1010.50-92.20

1.552.854.404.40-87.00

12.215.60

0.200.20

0.100.10

12.3

1.800.000.000.000.001.80

1.200.000.000.000.001.20

12.40.050.050.050.150.30

3.204.357.850.050.1515.60

Comsumption

Cummulative Annual Comnsumption

2000200120022003200420052006

45,498,00042,820,00042,100,00042,610,00041,970,00042,795,00044,488,000

2,786,0002,960,0002,442,0002,727,0002,212,0002,363,0002,383,000

3,404,0004,173,0003,310,0003,523,0003,412,0004,673,0006,585,000

& 6,279,0007,420,0006,345,0006,715,0006,687,0006,352,0006,863,000

9,150,0009,125,0009,125,0009,125,0009,150,0006,562,0004,333,000

583,000654,000478,000700,000874,000770,000728,000

67,700,00067,152,00063,800,00065,400,00064,305,00063,515,00065,380,000

Consumers416,268423,123430,793437,631444,684453,252463,959

Consumption per Costumer163159148149145140141

Costumers

2000200120022003200420052006

413,254419,654426,995432,991439,844448,080458,435

& 2,4752,5212,6052,6622,6992,6892,785

& 5341,1451,3681,4501,5931,7752,034

1111111

42422527547708705

416,268423,345430,991437,631444,684453,253463,960

Consumption per Costumer

2000200120022003200420052006

110.1102.098.698.495.495.597.0

& 2,501.02,829.42,208.12,347.92,083.72,616.63,220.1

& 12,850.27,051.54,987.65,113.84,746.44,012.43,732.1

9,150,000.09,125,000.09,125,000.09,125,000.09,150,000.06,562,000.04,333,000.0

145,750.027,250.021,727.31,328.31,597.81,087.61,032.6

Comsumption

00

00

00

00

00

00

00

M3/

Data

00

00

00

00

00

00

00

1

000

000

000

000

000

000

000

&

&

0

0

0

0

0

0

0

M3

19986101998

19996381999

20006142000

20016152001

20026272002

20036062003

2004584200455235

2005561200560246

2006549200666035

2007509200770100

2008439-14%200875919

2009405

19980.00

19990.00

20000.00

20010.00

20020.00

20030.00eydapeydap

200494.587720047.66780821921

2005107.3986200515.03743315515

2006120.2894200617.55919854289

2007137.72106200724.44204322212

2008172.94116200834.46013667439

1998

1999

2000

2001

2002

2003

20044,478.00

20058,436.00

20069,640.00

200712,441.00

200815,128.00

200113,955.00

200213,163.70

200322,898.30

200421,448.94

20058,819.27

20065,709.24

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

.

(. )

0

0

0

0

0

0

0

0

0

.

0

0

0

0

0

0

.

00

00

00

00

00

.

00

00

00

00

00

.

200113,955.001998610

200213,163.701999638

200322,898.302000614

200421,448.942001615

20058,819.272002627

20065,709.242003606

2004584

2005561

2006551

20049899

20057533

200610358

200455,235.0094.58

200560,246.00107.39

200666,035.00119.85

200422,358.0038.28

200519,671.0035.06

200621,323.0038.70

20048,574.0014,599.0014.68

200512,820.0022.85

200613,656.0024.78

20044,478.009,604.007.67

20058,436.0015.04

20069,640.0017.50

' 2004174,000.00174000

' 2005252,000.0018000072000

' 2005252,000.0018000072000

' 2006234,000.0016200072000

' 2006211,500.0016200049500

' 2007211,500.0016200049500

' 2007167,085.0012798039105

argiropoulos:PERSONNEL 3646

argiropoulos:PERSONEL 3846

argiropoulos:eetisia oikonomiki ekthesis p.77

argiropoulos:looks right as net earninngs decreased by 30%, but personnel only by 5%

0

0

0

0

0

.

.. 15-

00

00

00

.

0

0

0

0

0

0

0

,

0

0

0

.

00

00

00

.

..

Chart3

94.580479452177

107.390374331686

120.282331511894

137.721021611106

172.9362186788115.7955198162

191.0518518519116.3174698795

.

Investment Plan

1

/ 20072008200920102011/ 20072008200920102011

1.1 6000 m21.902.001.105.0011.902.001.200.300.606.00

1.2 4000 m20.100.300.601.002 0.550.550.650.750.903.40

1.902.001.200.300.606.003 0.050.050.050.050.250.45

40.050.050.050.050.050.25

2 5...0.150.350.400.400.201.50

/ 200720082009201020116 0.100.100.100.100.100.50

2.1 2000000.500.500.600.700.753.057 0.050.150.150.200.200.75

2.20.050.050.050.050.150.3580.300.702.503.904.6012.00

0.550.550.650.750.903.409 5.906.256.208.409.4036.15

104.054.754.855.806.5526.00

3 11 0.100.000.000.000.000.10

/ 2007200820092010201112 3.204.357.850.050.1515.60

3.10.050.050.050.050.250.4516.4019.3024.0020.0023.00102.70

0.050.050.050.050.250.45

4

/ 20072008200920102011

4.1, 0.050.050.050.050.050.25

0.050.050.050.050.050.25

5

/ 20072008200920102011

5.1 0.150.350.400.400.201.50

0.150.350.400.400.201.50

6

/ 20072008200920102011

6.1 0.100.100.100.100.100.50

0.100.100.100.100.100.50

7

/ 20072008200920102011

7.10.050.150.150.20.20.75

0.050.150.150.200.200.75

8 &

/ 20072008200920102011

8.10.300.702.503.904.6012.00

0.300.702.503.904.6012.00

9

/ 20072008200920102011

9.12.502.052.052.302.4011.30

9.2 -2.302.902.903.704.1015.90

9.3-0.800.750.601.251.605.00

9.40.100.100.100.300.401.00

9.50.050.200.250.250.200.95

9.60.150.250.300.600.702.00

5.906.256.208.409.4036.15

10

/ 20072008200920102011

10.11.501.501.501.501.707.70

10.2 -0.801.101.001.752.006.65

10.3-1.201.001.001.001.205.40

10.40.300.750.951.050.954.00

10.50.050.100.100.150.150.55

10.60.200.300.300.350.551.70

4.054.754.855.806.5526.00

11

/ 20072008200920102011

11.1 0.10.10

0.100.000.000.000.000.10

12-

/ 20072008200920102011

12.1

0.200.801.800.000.002.805.10

1.653.154.806.1010.50-92.20

1.552.854.404.40-87.00

12.215.60

0.200.20

0.100.10

12.3

1.800.000.000.000.001.80

1.200.000.000.000.001.20

12.40.050.050.050.150.30

3.204.357.850.050.1515.60

Comsumption

Cummulative Annual Comnsumption

2000200120022003200420052006

45,498,00042,820,00042,100,00042,610,00041,970,00042,795,00044,488,000

2,786,0002,960,0002,442,0002,727,0002,212,0002,363,0002,383,000

3,404,0004,173,0003,310,0003,523,0003,412,0004,673,0006,585,000

& 6,279,0007,420,0006,345,0006,715,0006,687,0006,352,0006,863,000

9,150,0009,125,0009,125,0009,125,0009,150,0006,562,0004,333,000

583,000654,000478,000700,000874,000770,000728,000

67,700,00067,152,00063,800,00065,400,00064,305,00063,515,00065,380,000

Consumers416,268423,123430,793437,631444,684453,252463,959

Consumption per Costumer163159148149145140141

Costumers

2000200120022003200420052006

413,254419,654426,995432,991439,844448,080458,435

& 2,4752,5212,6052,6622,6992,6892,785

& 5341,1451,3681,4501,5931,7752,034

1111111

42422527547708705

416,268423,345430,991437,631444,684453,253463,960

Consumption per Costumer

2000200120022003200420052006

110.1102.098.698.495.495.597.0

& 2,501.02,829.42,208.12,347.92,083.72,616.63,220.1

& 12,850.27,051.54,987.65,113.84,746.44,012.43,732.1

9,150,000.09,125,000.09,125,000.09,125,000.09,150,000.06,562,000.04,333,000.0

145,750.027,250.021,727.31,328.31,597.81,087.61,032.6

Comsumption

00

00

00

00

00

00

00

M3/

Data

00

00

00

00

00

00

00

1

000

000

000

000

000

000

000

&

&

0

0

0

0

0

0

0

M3

19986101998

19996381999

20006142000

20016152001

20026272002

20036062003

2004584200455235

2005561200560246

2006549200666035

2007509200770100

2008439-14%200875919

2009405200977376

19980.00

19990.00

20000.00

20010.00

20020.00

20030.00eydapeydap

200494.587720047.66780821921

2005107.3986200515.03743315515

2006120.2894200617.55919854289

2007137.72106200724.44204322212

2008172.94116200834.46013667439

2009191.05116200935.53086419752

1998

1999

2000

2001

2002

2003

20044,478.00

20058,436.00

20069,640.00

200712,441.00

200815,128.00

200914,390.00

200113,955.00

200213,163.70

200322,898.30

200421,448.94

20058,819.27

20065,709.24

.

(. )

1998

1999

2000

2001

2002

2003

4478

8436

9640

.

13955

13163.7

22898.3

21448.94

8819.27

5709.24

.

94.580479452177

107.390374331686

120.282331511894

137.721021611106

172.9362186788115.7955198162

.

7.66780821921

15.03743315515

17.55919854289

24.44204322212

34.46013667438.9603676048

.

200113,955.001998610

200213,163.701999638

200322,898.302000614

200421,448.942001615

20058,819.272002627

20065,709.242003606

2004584

2005561

2006551

20049899

20057533

200610358

200455,235.0094.58

200560,246.00107.39

200666,035.00119.85

200422,358.0038.28

200519,671.0035.06

200621,323.0038.70

20048,574.0014,599.0014.68

200512,820.0022.85

200613,656.0024.78

20044,478.009,604.007.67

20058,436.0015.04

20069,640.0017.50

' 2004174,000.00174000

' 2005252,000.0018000072000

' 2005252,000.0018000072000

' 2006234,000.0016200072000

' 2006211,500.0016200049500

' 2007211,500.0016200049500

' 2007167,085.0012798039105

argiropoulos:PERSONNEL 3646

argiropoulos:PERSONEL 3846

argiropoulos:eetisia oikonomiki ekthesis p.77

argiropoulos:looks right as net earninngs decreased by 30%, but personnel only by 5%

0

0

0

0

0

.

.. 15-

00

00

00

.

0

0

0

0

0

0

0

,

0

0

0

.

00

00

00

.

..

Chart2

7.66780821921

15.03743315515

17.55919854289

24.44204322212

278.9603676048

291.7289156627

.

Investment Plan

1

/ 20072008200920102011/ 20072008200920102011

1.1 6000 m21.902.001.105.0011.902.001.200.300.606.00

1.2 4000 m20.100.300.601.002 0.550.550.650.750.903.40

1.902.001.200.300.606.003 0.050.050.050.050.250.45

40.050.050.050.050.050.25

2 5...0.150.350.400.400.201.50

/ 200720082009201020116 0.100.100.100.100.100.50

2.1 2000000.500.500.600.700.753.057 0.050.150.150.200.200.75

2.20.050.050.050.050.150.3580.300.702.503.904.6012.00

0.550.550.650.750.903.409 5.906.256.208.409.4036.15

104.054.754.855.806.5526.00

3 11 0.100.000.000.000.000.10

/ 2007200820092010201112 3.204.357.850.050.1515.60

3.10.050.050.050.050.250.4516.4019.3024.0020.0023.00102.70

0.050.050.050.050.250.45

4

/ 20072008200920102011

4.1, 0.050.050.050.050.050.25

0.050.050.050.050.050.25

5

/ 20072008200920102011

5.1 0.150.350.400.400.201.50

0.150.350.400.400.201.50

6

/ 20072008200920102011

6.1 0.100.100.100.100.100.50

0.100.100.100.100.100.50

7

/ 20072008200920102011

7.10.050.150.150.20.20.75

0.050.150.150.200.200.75

8 &

/ 20072008200920102011

8.10.300.702.503.904.6012.00

0.300.702.503.904.6012.00

9

/ 20072008200920102011

9.12.502.052.052.302.4011.30

9.2 -2.302.902.903.704.1015.90

9.3-0.800.750.601.251.605.00

9.40.100.100.100.300.401.00

9.50.050.200.250.250.200.95

9.60.150.250.300.600.702.00

5.906.256.208.409.4036.15

10

/ 20072008200920102011

10.11.501.501.501.501.707.70

10.2 -0.801.101.001.752.006.65

10.3-1.201.001.001.001.205.40

10.40.300.750.951.050.954.00

10.50.050.100.100.150.150.55

10.60.200.300.300.350.551.70

4.054.754.855.806.5526.00

11

/ 20072008200920102011

11.1 0.10.10

0.100.000.000.000.000.10

12-

/ 20072008200920102011

12.1

0.200.801.800.000.002.805.10

1.653.154.806.1010.50-92.20

1.552.854.404.40-87.00

12.215.60

0.200.20

0.100.10

12.3

1.800.000.000.000.001.80

1.200.000.000.000.001.20

12.40.050.050.050.150.30

3.204.357.850.050.1515.60

Comsumption

Cummulative Annual Comnsumption

2000200120022003200420052006

45,498,00042,820,00042,100,00042,610,00041,970,00042,795,00044,488,000

2,786,0002,960,0002,442,0002,727,0002,212,0002,363,0002,383,000

3,404,0004,173,0003,310,0003,523,0003,412,0004,673,0006,585,000

& 6,279,0007,420,0006,345,0006,715,0006,687,0006,352,0006,863,000

9,150,0009,125,0009,125,0009,125,0009,150,0006,562,0004,333,000

583,000654,000478,000700,000874,000770,000728,000

67,700,00067,152,00063,800,00065,400,00064,305,00063,515,00065,380,000

Consumers416,268423,123430,793437,631444,684453,252463,959

Consumption per Costumer163159148149145140141

Costumers

2000200120022003200420052006

413,254419,654426,995432,991439,844448,080458,435

& 2,4752,5212,6052,6622,6992,6892,785

& 5341,1451,3681,4501,5931,7752,034

1111111

42422527547708705

416,268423,345430,991437,631444,684453,253463,960

Consumption per Costumer

2000200120022003200420052006

110.1102.098.698.495.495.597.0

& 2,501.02,829.42,208.12,347.92,083.72,616.63,220.1

& 12,850.27,051.54,987.65,113.84,746.44,012.43,732.1

9,150,000.09,125,000.09,125,000.09,125,000.09,150,000.06,562,000.04,333,000.0

145,750.027,250.021,727.31,328.31,597.81,087.61,032.6

Comsumption

00

00

00

00

00

00

00

M3/

Data

00

00

00

00

00

00

00

1

000

000

000

000

000

000

000

&

&

0

0

0

0

0

0

0

M3

19986101998

19996381999

20006142000

20016152001

20026272002

20036062003

2004584200455235

2005561200560246

2006549200666035

2007509200770100

2008439-14%200875919

20094052009

19980.00

19990.00

20000.00

20010.00

20020.00

20030.00eydapeydap

200494.587720047.66780821921

2005107.3986200515.03743315515

2006120.2894200617.55919854289

2007137.72106200724.44204322212

2008172.941162008279

2009292

1998

1999

2000

2001

2002

2003

20044,478.00

20058,436.00

20069,640.00

200712,441.00

200815,128.00

200914,390.00

200113,955.00

200213,163.70

200322,898.30

200421,448.94

20058,819.27

20065,709.24

.

(. )

0

0

0

0

0

0

0

0

0

.

0

0

0

0

0

0

.

94.580479452177

107.390374331686

120.282331511894

137.721021611106

172.9362186788115.7955198162

.

7.66780821921

15.03743315515

17.55919854289

24.44204322212

34.46013667438.9603676048

.

200113,955.001998610

200213,163.701999638

200322,898.302000614

200421,448.942001615

20058,819.272002627

20065,709.242003606

2004584

2005561

2006551

20049899

20057533

200610358

200455,235.0094.58

200560,246.00107.39

200666,035.00119.85

200422,358.0038.28

200519,671.0035.06

200621,323.0038.70

20048,574.0014,599.0014.68

200512,820.0022.85

200613,656.0024.78

20044,478.009,604.007.67

20058,436.0015.04

20069,640.0017.50

' 2004174,000.00174000

' 2005252,000.0018000072000

' 2005252,000.0018000072000

' 2006234,000.0016200072000

' 2006211,500.0016200049500

' 2007211,500.0016200049500

' 2007167,085.0012798039105

argiropoulos:PERSONNEL 3646

argiropoulos:PERSONEL 3846

argiropoulos:eetisia oikonomiki ekthesis p.77

argiropoulos:looks right as net earninngs decreased by 30%, but personnel only by 5%

0

0

0

0

0

.

.. 15-

00

00

00

.

0

0

0

0

0

0

0

,

0

0

0

.

00

00

00

.

:1998IPO:2001Reuters Sym: TWSr.AT: 140,1 . : 36.300.000 ..:

Chart1

0.7402

0.1234

0.1364

Sheet1

74.02%

12.34%

13.64%

Sheet1

Shareholders

Sheet2

Sheet3

*-(mil.)P/E 08a(x)P/E 09a(x)EV/EBITDA 08a(x) (%)140,112.19.89.83.6 550.624.712.713.12.5Northumbrian ()1,385.714.1-105.4Pennon Group ()3,19818.2-10.44.7Acqua America ()2,329.624.1-10.93.3Acquas de Barcelona ()4,11523.5-7.8-Severn Trent ()2,698.514.115.28.76.6 2,059.818.712.511.54.3* : Thomson

..

()

() .

()

()

() ..

..

.. 2002 2009

Sheet1

2002 2009

20022003200420052006200720082009

1703,907.0615,517.92(25,962.63)14,581.15126,672.27335,064.67465,403.360.0

2- & 166,464.16215,895.9656,078.38246,026.39156,634.25256,211.87125,305.97142,205.70

2 1,589,013.471,852,283.062,008,611.23630,728.07586,594.61575,700.67924,146.09280,298.40

3 797,946.090.06,000.000.02,000.000.04,865.950.0

4 & 657,349.39392,065.4394,125.43197,610.7172,572.94193,207.02441,486.74306,516.68

5 & 3,770,150.465,732,784.042,953,296.012,134,578.214,199,290.074,683,776.703,475,380.793,604,693.41

6 & 10,005,153.905,967,967.668,143,716.673,908,937.014,896,909.474,517,404.793,913,417.833,101,196.74

7 2,679,703.196,057,915.155,413,416.449,668,119.0913,538,371.3011,143,004.249,387,363.269,879,692.10

8 - 1,068,067.29515,618.23467,315.961,685,661.81379,475.99752,632.49246,351.13186,281.76

21,437,755.0120,750,047.4519,116,597.4918,486,242.4423,958,520.9022,457,002.4518,983,721.1217,500,884.79

2002 - 2006103,749,163.29

2007 - 200958,941,608.36

. , (, .). E.Y.A.. A.E.. , .

Na 2009-2010Na 2009-2010Na 2009-20101) & .. .2) 1) & .. .2) 1) & .. .2)