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Group Financial Performance Q4 & 12M 2004 (pro forma)

This report presents a detailed analysis of the financial performance for Q4 and full-year 2004, highlighting key metrics and margins. Explore the underperformance relative to 2003 and the impact on profit margins.

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Group Financial Performance Q4 & 12M 2004 (pro forma)

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  1. Group Financial Performance Q4 & 12M 2004 (pro forma)

  2. 12M 2004 - Financial Highlights • Underperformance relative to 2003 - Turnover -8.6% to €477.6m - Gross Profit-5.9% to €75.1 m - EBITDA-14.6% to €60.4m - EBIT-16.4% to €51.8m - Pre-Tax Profit after minorities -19.4% to €46.3m • Easing profit margins - Gross margin15.7% (vs 15.3% in 12M 2003) - EBITDAMargin 12.7% (vs13.5%) - EBITMargin 10.8% (vs 11.8%) - Pre-Tax Margin9.7% (vs11.0%) 2

  3. 4th Quarter 2004 - Financial Highlights • Decline in results versus Q4 2003 - Turnover -51.7% to €72.8m - Gross Profit-33.2% to €16.4m - EBITDA-55.3% to €9.1m - EBIT-64.8% to €6.9m - Pre-Tax Profit after minorities -70.8% to €5.2m • Profit margin squeeze - Gross margin22.6% (vs 16.3% in Q4 2003) - EBITDAMargin 12.5% (vs13.5%) - EBITMargin 9.4% (vs 12.9%) - Pre-Tax Margin7.1% (vs11.8%) 3

  4. Group Results – 2004 pro forma 4

  5. Group Results – 4th Quarter pro forma 5

  6. Consolidated Balance Sheet 6

  7. Group Financial Highlights • * adjusted for rights issue • Note: Figures for 2004 are based on the year-end pro forma accounts, whereas past years’ figures refer to the annual accounts 7

  8. Annual Financial Performance 8

  9. Quarterly Financial Performance 9

  10. INVESTING IN THE FUTURE Investor Relations Officer Angelos Kiosklis 9 Frangokklisias St, 151 25, Marousi, Greece tel +30-210-6185592 fax +30-210-6185698 email akiosklis@jp-avax.gr

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