Capital Link Greece | Investing In Greece

NINE MONTH 2008 FINANCIAL RESULTS

Sales for Vivartia Group during the first nine months of the year 2008 reached 1,039 M Euro vs 822 M Euro during the respective period of the year 2007, recording an increase of 26.4%.

The Group's consolidated first nine months EBITDA remained stable and reached 109.5 M Euro vs 109.2 M Euro for the nine months period of last year.

The Group's consolidated earnings after taxes reached 20.2 M Euro vs 39.5 M Euro during the corresponding period of last year, posting a decrease of 48.8%, mainly derived from the extraordinary expenses during 2007.

FIRST HALF 2008 RESULTS

Sales for Vivartia Group during the first quarter of the year 2008 reached €289,7M vs €245,9M during the respective period of the year 2007, recording an increase of 17,8%. The increase in sales is the result of the growth in operations of all of the Group’s divisions both in the domestic as well as the international markets.

The Group’s consolidated first quarter EBITDA reached €28,5M showing a slight increase compared to the budget vs €34,2M for the first quarter of last year.

A main factor that affected the Group’s profitability during the first quarter of 2008 was the dramatic increase of the raw materials' cost which however is expected to be normalized during the next quarters. In addition, the Group incurred increased sales and marketing expenses that supported the recorded growth as well as one-off administrative expenses. Finally, the Group’s profitability during last year’s first quarter was positively affected by favorable foreign currency rates mainly from the Romanian and the Egyptian operations.

The Group's net financial expenses were increased to €6,5M vs €2,2Ì due to the significant decrease of income from derivatives.

As a result, the Group’s consolidated earnings before taxes reached €7,3M vs €18,2Ì during the first quarter of the year 2007 while the estimated earnings per share are €0,02.

FIRST QUARTER 2008 RESULTS

In the first quarter of 2008, the consolidated sales were higher by 17.8% reaching Euro 289.7 mil. from Euro 245.9 mil. compared to Q1 2007. Earnings before interests, taxes, depreciations and amortizations (EBITDA), for the first quarter of 2008 have slightly increased to Euro 28.5 mil. compared to budget from Euro 34.2 mil. Group's Financial expenses increased to Euro 6.5 mil. from Euro 2.2 mil. due to the substantial decrease to income from derivatives.

Consolidated earnings before intererest and taxes (EBIT) reached Euro 7.3 mil. from Euro 18.2 mil. while earnings per share reached 0.02 per share. The Group's financial results are in accordance with business plan for 2008, with predicted sales of Euros 1.45 bil. and EBITDA of Euros 217 mil.

2007 FINANCIAL RESULTS

In 2007, consolidated sales of Vivartia Group increased by 17.8% to euro 1.1 billion from euro 950 million in 2006 (pro forma basis). The Group's EBITDA increased by 6.5% to euro 151.6 million from euro 142.3 million in 2006 (pro forma). The Group's 2007 earnings before tax reached euro 51.8 million from euro 82.3 million in 2006 (pro forma). As a result of the above and the increase of minority rights, in 2007 the earnings per share reached euro 0.13.

Finally, following the recent acquisition of US Nonni's and the strategic partnership with Everest Group, Vivartia Group has entered dynamically into a growth path which is fully aligned with the 2008 objectives as described in the five period 2008-2012 business plan.
According to the Group's five year plan it is expected that for the year 2008 sales will reach euro 1,451 million, EBITDA of euro 217.2 million and earnings after tax and minority rights euro 70.2 million.

NINE MONTH 2007 FINANCIAL RESULTS

In the first nine months of 2007, consolidated sales (pro forma) of Vivartia Group have increased by 16,2% compared to the corresponding period of 2006. Therefore, the total Vivartia Group sales have increased to EUR821,5 mil. from EUR707,1 mil. Vivartia Group earnings before interest, tax, depreciation and amortization (EBITDA) have increased by 7,5% to EUR109,2 mil. from EUR101,6 mil. compared to the corresponding period of 2006. Vivartia Group earnings before taxes have decreased by 16,8% to EUR53,7 mil. from 64,5 mil. Finally, net profits of Vivartia Group after minority rights decreased by 25,4% to EUR28,1mil. from EUR37,7mil.

It is noted that the decrease in earnings before tax as well as the decrease of net profits derive from increased financial expenses which includes the cost of closing the existing positions of derivative contracts of EUR440 mil following the decision of the new Board of Directors.

FIRST HALF 2007 RESULTS

In the first half of 2007, consolidated sales (pro forma) of Vivartia Group have increased by 15,6%, reaching euro 517,6 mil. from euro 447,6 mil. in the corresponding period of 2006. Earnings before interests, taxes, depreciations and amortizations (EBITDA), for the first half of 2007 have increased by 16,7% to euro65,0 mil. from euro55,7mil. Earnings before intererest and taxes (EBIT) increased by 22,5% to euro39,2 mil. from euro31,9 mil. Accordingly net profits reached euro20,6 mil. from euro18,9 mil. in the first half of 2006, increased by 9,4%. Earnings per share have been enhanced by 9,4%, to euro0,28 from euro0,26 in the corresponding period of 2006.

The increase in sales of all divisions combined with the significant positive impact from the markets of South-East Europe, contributed to the higher than expected increase in Group sales.

FIRST QUARTER 2007 RESULTS

In the first quarter of 2007, the consolidated sales (pro forma) for VIVARTIA Group were higher by 14,3% reaching Euro 245,9 mil. from Euro 215,1 mil. compared to Q1 2006. ÅÂÉTDA increased by 16,3% to Euro 34,2 mil. from Euro 29,4 mil., while net profits reached Euro 12,0 mil. compared to Euro 12,6 mil. in the 1st quarter of 2006, reduced by 4,7%. Thus the earnings per share for the first quarter of 2007 reached Euro 0,16 from Euro 0,17 in the respective 2006 period.

The higher than expected increase in sales is attributed mainly to the significant growth in all divisions, not only in Greece but in the South-East Europe region as well, which was strengthened further by the favourable weather conditions.

2006 FINANCIAL RESULTS

The Group of companies DELTA HOLDINGS, announced the results for 2006 with IFRS, according to which consolidated sales of Vivartia Group (pro forma) increased by 7,8% to 947,7 mil. euros from 881mil. Euros in 2005. Also, EBITDA increased by 10,9% to 142,3 mil euros from 128,3mil euros in 2005, while net profits reached 49,5mil euros from 32 mil euros in 2005 thus recording an increase of 54,7%. Last, earnings per share (EPS) reached 0,67euros from 0,48 euros, thus increased approximately by 40%, however stressing the difference in the number of shares in both years.

The strong financial position of the Group today, is depicted from the Net Debt to EBITDA and Net Debt to Equity ratios of 2,3:1 and 0,5:1 respectively in 2006.

NINE MONTH 2006 FINANCIAL RESULTS

The Group of companies DELTA HOLDINGS, announced the results for the nine months of 2006 with IFRS, according to which total sales of Vivartia Group (continuing activities) were increased by 10,5% to 484,9mil. euros from 438,9mil. euros. Respectively, EBITDA for Vivartia Group reached 72,7mil. euros from 82,8mil. euros, reduced by 12,2%. However, on a comparative basis, deducting the income received in 2005 from the resolution of the Danone partnership, and including the results of the bakery and pastry division for the full 9 months in 2006, the adjusted EBITDA increased by 7,9 % to 103,3 mil. euros directly comparable with the 95,8 mil. euros recorded in the equivalent period in 2005.

Lastly, published net profits for Vivartia Group increased by 34,7% to 35,4mil. euros from 26,3mil. euros, due to increased financial income, reduced taxation and the reduced minority interests.

FIRST HALF 2006 RESULTS

The Group of companies DELTA HOLDINGS, announced the results for the first half of 2006 with IFRS, according to which Delta Group sales from continuing operations (excluding the ice cream activity) increased by 2,1%, to 288,5mio euro from 282,6mio euro in 2005, driven by an increase in sales in all Group's sectors. Earnings before interests, taxes, depreciation and amortization (EBITDA) reached 41,7mio euros from 57,1mio euros, representing a decrease of 26,9%. Earnings after taxes and minorities rights appeared increased by 17,7%, to 25,3mio euro from 21,5mio euro in the corresponding period of 2005.

Furthermore, the sale of the ice cream business and the corresponding proceeds contributed to the important reduction in net debt from 352,2mio euro to 95,8mio euro and to the increase in equity with the generation of a positive goodwill of approx. 57mio euros.

FIRST QUARTER 2006 RESULTS

The Group of companies DELTA HOLDINGS, announced the results for the first quarter of 2006 with IFRS, according to which sales from continuing operations (that is, excluding the ice cream related activities) were up 3.6% to 138.1 million euros, compared with 133.3 million euros for the same period in 2005. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to 25.2 million euros from 25.1 million euros, up 0.6%. Earnings after taxes and minority interests grew to 18.4 million euros compared with 5.3 million euros, an increase of 250%, while earnings per share (EPS) rose to 0.44 euros from 0.24 euros, recording an increase of 83.3%.

It should be noted that increased financial income and the buyout of minority interests had a positive impact on above significant increase in profits.

2005 FINANCIAL RESULTS

The Group of companies DELTA HOLDINGS, announced the results for 2005 with IFRS, according to which revenues of Delta Group amounted to 694.4 mil. euros from 691.6 mil. euros in 2004. Gross profits amounted to 286.6 mil. euros from 284.2 mil. euros in 2004, representing an increase of 0.86%, with gross profit reaching 41.3% vs. 41.1%. EBITDA reached 120.1 mil. euros from 105.4 mil. euros in 2004, representing an increase of 14%. EBIT amounted to 86.4 mil. euros from 66.4 mil. euros, up by 30.1%. EBT reached 71.0 mil. euros from 61.3 mil. euros, up by 15.9%. EAT and before minority interests reached 40.9 mil. euros from 49.3 mil. euros in 2004.

The achievement in the above mentioned results is due to the more efficient management of resources, the restraining of the operating costs, as well as the efficient utilization of synergies within the Group, which confirms the Group's strategy for profitable growth.

NINE MONTH 2005 FINANCIAL RESULTS

The Group of companies DELTA HOLDINGS, announced the results for the nine months of 2005 with IFRS, according to which Group sales stood at euro 548.2 million compared to euro 545.6 million, reversing the trend of the first half of 2005, while this upward trend is expected to continue until year end at an annual growth rate in excess of 1.5%. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at euro 111.6 million compared to euro 90.1 million, recording an increase of 24%. Earnings before interest and taxes (EBIT) stood at euro 86.9 million compared to euro 62.7 million, recording an increase of 38.4%. Earnings before taxes and minority interests stood at euro 75.8 million compared to euro 56.7 million, recording an increase of 34%. Earnings net of taxes and after minority interests stood at euro 37 million compared to euro 25 million, recording an increase of 48%. Likewise earnings per share net of taxes and after minority interests stood at euro 0.91 per share compared to euro 0.75 per share in 2004.

The above favourable results confirm the effectiveness of the strategy implemented by the Group, which includes the containment of operating expenses, exploiting intra-Group synergies and reducing financial costs through the use of innovative ways of financing.

FIRST HALF 2005 RESULTS

The Group of companies DELTA HOLDINGS, announced the results for the first half of 2005 with IFRS, according to which Group's sales amounted to 351.4 mio euros vs. 353.6 mio euros, presenting a slight curb, which is estimated to be recovered by year end showing a final growth of 3%, earnings before taxes, interests, depreciation and amortization (EBITDA) amounted to 72.6 mio euros vs. 52.9 mio euros, presenting an increase of 37.3%, earnings before interests and taxes (EBIT), reached 56.2 mio euros vs. 34.9 mio euros, resulting in an increase of 61.4%, and earnings before taxes and minorities rights (EBT) amounted to 53.7 mio euros from 32.8 mio euros, presenting an increase of 63.8%.

The above favourable results are necessary to justify the efficiency of the strategy implemented, which includes the restrain in the operating expenses, the exploitation of synergies within the Group and the reduction in the financial expenses through innovative financing tools. Moreover, the Group remains steadily focused on the enhancement of its free cash flows, which are estimated to increase by 20% in 2005 compared to 2004.

FIRST QUARTER 2005 RESULTS

The Group of companies DELTA HOLDINGS, announced the results for the first quarter of 2005 with IFRS, according to which Profits Before Taxes have increased by 10.6% to the amount of Euro 12.5 m. with respect to the first quarter of 2004 namely Euro 11.3 m., in the same period EBITDA has increased by 10.9%, reaching the amount of Euro 27.8 m. compared to Euro 25 m, for the respective quarter of 2004, and EBIT has reached the amount of Euro 20.5 m. vs. Euro 15.6 m. for the same period, an increase of 31.4%.

The above profit increases have been achieved despite the fall in net sales of 3.9%, to Euro 146 m. vs. Euro 152 m. for the same period in 2004. Industry observers suggest that total market demand during the first quarter of 2005 has declined by a greater amount than DELTA.

2004 FINANCIAL RESULTS

In 2004, Delta Group sales reached 691.5 mio Euro vs. 684.5 mio Euro in 2003. The Group's targets regarding the improvement in the operating cost, the limitation in administrative expenses, the generation of economies of scale and the increase in free cash flows which reached close to 40 mio Euro in 2004, have been achieved successfully, contributing to the reduction in net debt by 24.2 mio Euro.

The gross profit margin increased by 2.7 units reaching 41.2% vs. 38.5% in 2003, while the operating earnings before interests and taxes (ÅÂÉÔ) increased by 13.7% to 69.1 mio Euro from 60.8 mio Euro in 2003. Earnings before interests, taxes, depreciation and amortization (EBITDA) presented an increase of 8.4% and amounted to 109.3 mio Euro vs. 100.9 mio Euro in 2003.

Finally, earnings before tax and minority rights amounted to 52.9 mio Euro vs. 39.9 mio Euro in 2003, recording an increase of 32.6%. It is mentioned that total depreciation does not include the amortization of goodwill which amounts approximately to 8.4 mio Euro, thus making the financial statements comparable under IFRS (International Financial Reporting Standards).

NINE MONTH 2004 FINANCIAL RESULTS

Consolidated sales for the 3rd quarter 2004 remained at the same level vs 2003, at euro 545.1 mil., particularly due to the reduced sales of Delta Ice Cream Group by 16.1%. The basic reason was the adverse weather conditions in SE Europe where Ice Cream group operates. The above reduction in sales of Delta Ice Cream has been offset by the positive trend in sales of all the rest of the subsidiaries of the Group in all the sectors in which it operates (fresh dairy products, frozen products, quick service restaurants).

The gross margin increased by 2 percentage units reaching 40.4% from 38.2% while Earnings before interest and taxes (ÅÂÉÔ) increased by 2.5% to euro 43.5 mil. from euro 42.4 mil. in 2003, mainly due to the decrease in depreciation. Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 4.1% and amounted to euro 77.0 mil. from euro 80.3 mil. during the respective period of 2003.

Finally, earnings before taxes and minority rights amounted to euro 23.1 mil. from euro 19.6 mil. in 2003, presenting an increase of 18% due to the significant improvement in the management of group's finances during the third quarter of 2004 as well as the reduction in depreciation.

FIRST HALF 2004 RESULTS

Consolidated sales were up 1.4% to Euro 353.6 mil. versus Euro 348.7 mil. in the same quarter a year ago. This increase in sales resulted despite the reduced sales in ice cream by 14%, which has been offset by the increase in sales in all other sectors in which the Group operates (dairy products, frozen food and food retailing). The increase in sales in said sectors averaged 10% in the second quarter 2004.

Gross profit grew by 3.5 percentage points to 40,7%, from 37,2% in the same period in 2003, whereas EBITDA reached Euro 54,7m, from Euro 54,1 over the comparable period of the previous year, recording a marginal increase of 1%, and thus reflecting the abovementioned decline in ice cream sales but also the overall reduction in the Group's production cost. EBIT grew by 10,7%, thus reaching Euro 32,5m, from Euro 29,4m in 2003, thus reflecting the Group focus on improving this last year cost and organisation.

EBT and after minorities, were up 119% reaching Euro 16,4 m , from Euro 7,5 m in 2003, as a result of increased productivity, improved financial management at Group levels (with an increase in cash flow and a reduction in liabilities) as well as a reduction in minority interests by approx. 30%.

FIRST QUARTER 2004 RESULTS

Consolidated sales of DELTA HOLDING Group of companies reached Euro 152.0 mil. for the first quarter of 2004 vs. Euro 140.2 mil. for the same period last year, thus recording an increase of 8.4%.

Gross profit over sales for the Group increased to 38.8% from 35%, while EBITDA reached Euro 25.6 mil. from Euro 22.5 mil. last year, recording an increase of 13.6%. Also operating profits (EBIT) increased by 35% yet the actual increase of EBIT is related to that of EBITDA, taking into consideration the decreased depreciation rates applicable from 2004 onwards. Furthermore, profits before taxes and minority interests appear increased in Q1 by 10% reaching Euro 7.9 mil.

2003 FINANCIAL RESULTS

Consolidated turnover for DELTA Group for the fiscal year 2003 increased by 4.4%, reaching 684,487 thousand Euro versus 655,673 thousand Euro in the corresponding year 2002.Pre-tax profits for the Group decreased by 9.5% amounting to 39,479 thousand Euro compared to 43,623 thousand Euro in 2002.

Turnover of the parent company increased by 52.7% compared to 2002, reaching 16,776 thousand Euro from 10,985 thousand Euro, while the company's earnings before taxes amounted to 13,332 thousand Euro from 6,286 thousand Euro for 2002, noting a significant increase.

NINE MONTH 2003 FINANCIAL RESULTS

Consolidated turnover for DELTA Group for the nine months of 2003 increased by 10.6%, reaching 545,140 thousand Euro versus 492,816 thousand Euro in the corresponding nine months of 2002. Pre-tax profits for the Group decreased by 6.9% amounting to 19,607 thousand Euro compared to 21,076 thousand Euro in the corresponding period of 2002. Total Assets amounted to 829,473 thousand Euro versus 843,434 thousand Euro in the nine month period of 2002, noting an decrease of 1.6%. Total Liabilities also decreased by 0.7%, amounting to 572,007 thousand Euro versus 576,196 thousand Euro for the nine month period of 2002, while Equity amounted to 291,834 thousand Euro from 290,306 Euro, noting a increase of 0.5%.

Turnover of the parent company increased substantialy by 72% compared to the nine months of 2002, reaching 12,521 thousand Euro from 7,277 thousand Euro, while the company's earnings before taxes amounted to 4,433 thousand Euro from 891 thousand Euro for the nine month period of 2002, noting an impressive increase.

FIRST HALF 2003 RESULTS

Consolidated turnover for DELTA Group for the first half of 2003 increased by 9.7%, reaching 348,712 thousand Euro versus 317,836 thousand Euro in the corresponding first half of 2002. Pre-tax profits for the Group decreased by 16.3% amounting to 7,496 thousand Euro compared to 8,958 thousand Euro in the corresponding period of 2002. Total Assets amounted to 877,253 thousand Euro versus 858,430 thousand Euro in the first half of 2002, noting an increase of 2.2%. Total Liabilities also increased by 4.3%, amounting to 630,311 thousand Euro versus 604,315 thousand Euro for the first half of 2002, while Equity amounted to 290.547 thousand Euro from 290.731 Euro, noting a decrease of 0.1%.

Turnover of the parent company increased by 72.4% compared to the first half of 2002, reaching 8,230 thousand Euro from 4,773 thousand Euro, while the company's earnings before taxes amounted to 1,575 thousand Euro from 1,392 thousand Euro for the first half of 2002, noting an increase of 13.1%.

FIRST QUARTER 2003 RESULTS

Consolidated turnover for DELTA Group for the first quarter of 2003 decreased by 2%, reaching 140,236 thousand Euro versus 143,361 thousand Euro in the corresponding first quarter of 2002. Pre-tax profits for the Group decreased by 23% amounting to 3,514 thousand Euro compared to 4,568 thousand Euro in the corresponding period of 2002. Total Assets amounted to 854,856 thousand Euro versus 854,125 thousand Euro in the first quarter of 2002, noting an increase of 0.1%. Total Liabilities also increased by 1.8%, amounting to 619,123 thousand Euro versus 608,138 thousand Euro for the first quarter of 2002, while Equity amounted to 286.565 thousand Euro from 286.340 Euro, noting an increase of 0.1%.

Turnover of the parent company increased by 50.8% compared to the first quarter of 2002, reaching 4,104 thousand Euro from 2,721 thousand Euro, while the company's earnings before taxes amounted to 820 thousand Euro from 810 thousand Euro for the first quarter of 2002, noting an increase of 1.2%.

2002 FINANCIAL RESULTS

Consolidated turnover for DELTA Group for the fiscal year 2002 increased by 5%, reaching 655,673 thousand Euro versus 624,614 thousand Euro in the corresponding year 2001. Pre-tax profits for the Group decreased by 33% amounting to 26,041 thousand Euro compared to 38,943 thousand Euro in 2001. Total Assets amounted to 864,178 thousand Euro versus 843,378 thousand Euro in 2001, noting an increase of 2%. Total Liabilities also increased by 3%, amounting to 601,700 thousand Euro versus 584,199 thousand Euro for 2001, while Equity amounted to 247.659 thousand Euro from 251.351 Euro, noting an increase of 1%.

Turnover of the parent company decreased by 1% compared to 2001, reaching 10,985 thousand Euro from 11,042 thousand Euro, while the company's earnings before taxes amounted to 6,286 thousand Euro from 25,667 thousand Euro for 2001, noting a significant decrease.

NINE MONTH 2002 FINANCIAL RESULTS

Consolidated turnover for DELTA Group for the nine months of 2002 increased by 0.7%, reaching 492,816 thousand Euro versus 489,284 thousand Euro in the corresponding nine months of 2001. Pre-tax profits for the Group decreased by 5.2% amounting to 21,076 thousand Euro compared to 22,239 thousand Euro in the corresponding period of 2001. Total Assets amounted to 917,570 thousand Euro versus 810,392 thousand Euro in the nine month period of 2001, noting an increase of 13.2%. Total Liabilities also increased by 10.3%, amounting to 576,196 thousand Euro versus 522,199 thousand Euro for the nine month of 2001, while Equity amounted to 290.306 thousand Euro from 290.091 Euro, noting an increase of 0.07%.

Turnover of the parent company decreased by 12.3% compared to the nine months of 2001, reaching 7,277 thousand Euro from 8,299 thousand Euro, while the company's earnings before taxes amounted to 891 thousand Euro from 4,083 thousand Euro for the nine months of 2001, noting a significant decrease.

FIRST HALF 2002 RESULTS

Consolidated turnover for DELTA Group for the first half of 2002 increased by 23.6%, reaching 317,836 thousand Euro versus 257,178 thousand Euro in the corresponding first half of 2001. Pre-tax profits for the Group also increased by 23.8% amounting to 16,768 thousand Euro compared to 13,547 thousand Euro in the corresponding period of 2001. Total Assets amounted to 858,430 thousand Euro versus 706,766 thousand Euro in the first half of 2001, noting an increase of 21.5%. Total Liabilities also increased by 32%, amounting to 604,315 thousand Euro versus 457,936 thousand Euro for the first half of 2001, while Equity amounted to 290,731 thousand Euro from 289,059 Euro, noting an increase of 0.6%.

Turnover of the parent company decreased by 20% compared to the first half of 2001, reaching 4,772 thousand Euro from 5,960 thousand Euro, while the company's earnings before taxes amounted to 1,392 thousand Euro from 2,651 thousand Euro for the first half of 2001, noting a decrease of 47.5%.

FIRST QUARTER 2002 RESULTS

Consolidated turnover for DELTA Group for the first quarter of 2002 increased by 39.5%, reaching 143,361 thousand Euro versus 102,771 thousand Euro in the corresponding first quarter of 2001. Pre-tax profits for the Group also increased by 42.8% amounting to 8,017 thousand Euro compared to 5,614 thousand Euro in the corresponding period of 2001. Total Assets amounted to 847,823 thousand Euro versus 662,466 thousand Euro in the first quarter of 2001, noting an increase of 28%. Total Liabilities also increased by 51.3%, amounting to 601,837 thousand Euro versus 397,892 thousand Euro for the first quarter of 2001, while Equity amounted to 281,781 thousand Euro from 284,781 Euro, noting a decrease of 1%.

Turnover of the parent company increased by 12.9% compared to the first quarter of 2001, reaching 2,721 thousand Euro from 2,411 thousand Euro, while the company's earnings before taxes amounted to 810 thousand Euro from 1,474 thousand Euro for the first quarter of 2001, noting a decrease of 45%.

2001 FINANCIAL RESULTS

Consolidated turnover for DELTA Group for the fiscal year of 2001 increased by 39.6%, reaching GrD 212.6 billion (624 million Euro) from GrD 152.3 billion (447 million Euro) in 2000. Pre-tax profits for the Group noted a decrease of 17.5% amounting to GrD 13.068 billion (38 million Euro) compared to GrD 15.845 billion (47 million Euro) in 2000. Total Assets amounted to GrD 284.7 billion (836 million Euro) versus GrD 198.4 billion (582 million Euro) in 2000, noting an increase of 43.5%. Total Liabilities also increased by 78.8%, amounting to GrD 187 billion (550 million Euro) versus GrD 105 billion (307 million Euro) for the fiscal year 2000, while Equity amounted to GrD 110.5 billion (324 million Euro) from GrD 103.3 billion (303 million Euro), noting an increase of 7%.

Turnover of the parent company increased by 6.9% compared to the fiscal year of 2000, reaching GrD 3.8 billion (11 million Euro) from GrD 3.5 billion (10 million Euro), while the company's earnings before taxes amounted to GrD 8.9 billion (26 million Euro) from GrD 12.9 billion (38 million Euro) for 2000, noting a decrease of 31%.

NINE MONTH 2001 FINANCIAL RESULTS

The Group published its nine-month 2001 results according to which its earnings before taxes increased by 17%, reaching a total of 7.578 billion GrD from 6.468 billion GrD in the corresponding period of 2000, while consolidated sales, in the same period, increased by 44% compared to last year's figures, reaching 166.724 billion GrD from 115.517 billion GrD. Total assets reached 276 billion GrD compared to 192 billion GrD for the corresponding period of 2000, presenting an increase of 43.5%. Liabilities also went up by 86.2% reaching 178 billion GrD versus 96 billion GrD in the nine-month period of 2000 and finally equity amounted to 103 billion GrD compared to 94 billion GrD, noting an increase of 9.4%.

Turnover of the parent company increased by 10%, reaching 2.8 billion GrD from 2.6 billion GrD for the nine-month period of 2000, while earnings before taxes amounted to 1,391 million GrD from 1,546 million GrD for the corresponding period of 2000, noting a decrease of 10%.

FIRST HALF 2001 RESULTS

The Group published its 1H 2001 results according to which its earnings before taxes increased by 6.4%, reaching a total of 4.616 billion GrD from 4.337 billion GrD in the corresponding period of 2000, while consolidated sales, in the same period, increased by 24.5% compared to last year's figures, reaching 87.633 billion GrD from 70.416 billion GrD. Total assets reached 241 billion GrD compared to 194 billion GrD for the corresponding period of 2000, presenting an increase of 24.3%. Liabilities also went up by 73% reaching 156 billion GrD versus 90 billion GrD in the 1H of 2000 and finally equity amounted to 80 billion GrD compared to 101 billion GrD, noting a decrease of 21%.

Turnover of the parent company increased by 16%, reaching 2 billion GrD from 1.8 billion GrD for the first half of 2000, while earnings before taxes amounted to 904 million GrD from 818 million GrD for the corresponding period of 2000, noting an increase of 10.4%. · We have to emphasize the fact that, the financial results of GOODY'S Group will be incorporated in the following balance sheet for the nine-month period of 2001, as well as for the whole year, thus the results of DELTA Group will be adjusted accordingly. On this basis, sales of DELTA Group will surpass GrD 200 billion, while earnings before taxes and minority rights are expected to surpass GrD 19 billion.

FIRST QUARTER 2001 RESULTS

The Group published its 1Q 2001 results according to which its operational profits increased by 25.47%, reaching a total of 1,857 million GrD from 1,480 million GrD in the corresponding period of 2000, while the consolidated sales, in the same period, increased by 14.48% compared to last year's figures, reaching 35,019 million GrD from 29,310 million GrD.

The group's earnings before taxes appear increased by 12.7%, reaching 1,913 million GrD from 1,655 million GrD. Total assets reached 201 billion GrD compared with 137 billion GrD in the corresponding period of 2000, increasing by 46.7%, liabilities also went up by 58.6% reaching 111 billion GrD versus 70 billion GrD in the 1Q of 2000 and finally equity amounted to 89 billion GrD compared to 65 billion GrD, noting an increase of 36.9%.

2000 FINANCIAL RESULTS

The Group's consolidated sales increased by 21% reaching 152.3 billion GrD from 125.9 billion GrD in 1999. The Group's gross profit margin remained in the area of 32%, while the operational profit (after extraordinary profits and financial income) of the industrial activity increased by 79% to 4.7 billion GrD in 2000 from 2.6 billion GrD in 1999. EBITDA also marked a significant increase of 25%, reaching 21.2 billion GrD in 2000 from 16.9 billion GrD in 1999. Consolidated profits before taxes and minority rights reached 17.9 billion GrD, thus contributing to a P/E in the area of 7.5 for the year 2000.

Total assets reached 199.4 billion compare with 130.9 billion in of 1999, increasing by 52%. Shareholders equity increased 00% reaching 103.3 billion GrD from 81.1 billion GrD.

NINE MONTH 2000 FINANCIAL RESULTS

The Group published its nine month 2000 results according to which its operational profits increased by 66.8%, reaching a total of 6,596 million GrD from 3,953 million GrD in the corresponding period of 1999, while the consolidated sales, in the same period, increased by 18.18% compared to last year's figures, reaching 115,517 million GrD from 97,742 million GrD.

The group's earnings before interest, taxes & depreciation (EBITDA) have increased by 23.4% reaching 17,050 million GrD from 16,596 million GrD last year, while earnings before taxes appear increased by 12.7%, reaching 6,468 million GrD from 5,737 million GrD. Total assets reached 192 billion compare with 121 billion in the correspondig period of 1999, increasing by 58.9%.

FIRST HALF 2000 RESULTS

DELTA Holding S.A. recorded a significant increase in its results during the first six months of 2000 in comparison to the same period last year. Profits before extraordinary items of the Group increased 88%, up to GrD 5,095 million versus GrD 2,708 million with respect to the same period from last year. First half 2000 profits before taxes were higher 23% reaching in absolute figures GrD 4,336 million versus GrD 3,524 million during the same period in 1999. At the same time, consolidated Group sales were up 13.5%, rising to GrD 70,415 million with respect to GrD 62,309 million from last year.

FIRST QUARTER 2000 RESULTS

During the first quarter of 2000, DELTA Group recorded an increase both in sales by 14% and in pretax profits by 49% versus the first quarter of 1999. In absolute figures, sales for the Group during the first quarter reached 29.3 billion GrD from 25 billion GrD in the same period last year, while profits before taxes amounted to 1,655 million GrD versus 1,110 million GrD for the first quarter of 1999.

1999 FINANCIAL RESULTS

On a consolidated level, sales in 1999 increased by 8.7%, reaching GrD 125,901 million versus GrD 115,819 million in 1998. At the same time, profits before taxes recorded a significant increase in 1999 of 297% up from 1998, reaching GrD 17,447 million, versus GrD 4,503 million in 1998. EBITDA, remained at 1998 levels, reaching GrD 18,268 million, despite the reduction by 14.85% in operating profit, which originated - mainly - from provisions of GrD 1 billion, and referring to estimated doubtful receivables and destruction of stock.

1999 financial results of the DELTA Group are characterized by a stability in gross profit margin at the level of 31% of sales and a positive financial income of GrD 11,006 million - versus GrD (2,137) million in 1998.

NINE MONTH 1999 FINANCIAL RESULTS

Delta Holding has sustained its growth during the first nine months of 1999. Consolidated sales increased by 8.2%, compared to the same period in 1998, reaching 97.72 billion GrD. At the same time consolidated profits before taxes reached 5.74 billion GrD going up by 27.8%, from 4.49 billion last year. Total assets were 120.86 billion GrD, increasing by 12.2% from 1998, with fixed assets covering more than half (54%) of it, and current assets going up by 27.7%. Equity grew to 73.99 billion GrD and liabilities were 46.58 billion GrD, (+ 35.7% y-o-y). From it, long-term debt remained at the same levels as in 1998, and short-term debt went up by 65% to 33. 1 billion GrD. The financial structure of Delta still remains quite strong, with a debt to equity ratio standing at 0.62 and its liquidity ratio (CA/CL) at 1.6 times.

In parent level total sales rose to 74.5 billion GrD versus 71.2 billion in 1998 (+ 4.6% GrD y-o-y). Pre tax profits increased by 40.9% reaching 5.021 million GrD compared to 3.564 million GrD in the corresponding period of 1998.

FIRST HALF 1999 RESULTS

In the first half of 1999 sales for the parent company increased by 9.8%, compared with the same period in 1998, reaching GrD 48,076 million. At the same time profits before taxes increased by 23.5%, reaching GrD 2,970 million, compared with GrD 2,400 million last year. EBITDA has increased by 7.2%, reaching GrD 9,393 million, from GrD 8,757 million last year.

FIRST QUARTER 1999 RESULTS

According to the published first quarter 1999 results, EBT reached 1.1 bn. GrD up from 933 million GrD in first quarter of 1998, a 19.1 % increase. The consolidated turnover reached 26 bn. GrD from 21 bn. GrD a year ago, with a 21.0 % increase. Depreciation charges remained flat at 2.2. bn GrD compared to 2.3 bn. GrD in the first quarter of 1998, a 0.7 % decrease.

During the first quarter of 1999 the parent company's sales increased by 15.2% w.r.t. the first quarter of 1998, reaching the 19 bn. GrD, which is particularly positive given the existing market conditions at this period of the year.

An important factor that needs to be noted is that the gross profit margin of the parent company has been maintained at the same levels of 1998, at 28.2%. Accordingly the company's administrative costs have been constant at 23.7% to sales.

1998 FINANCIAL RESULTS

Delta continued to grow in 1998. Turnover reached 115.8 billion GrD versus 95.9 billion in 1997, posting an increase of 20.8%.

Net profit before taxes increased by 10.5% reaching 4,503 billion GrD versus 4,073 million in 1997. EBITDA was higher by 20.8% reaching 17,124 million GrD compared to 14,173 million in 1997.

Total investments in fixed assets reached 16 billion GrD.

NINE MONTH 1998 FINANCIAL RESULTS

DELTA Holdings' upward trend has been maintained in the third quarter of 1998.

Turnover has increased by 17% the same period in 1997, reaching GrD 71.2 billion (GrD 60.9 billion in 3Q 1997).

Profits before taxes reached GrD 3.6 billion compared with GrD 3.2 billion , in the same period of 1997, an increase of 12%.

Furthermore EBITDA has considerably increased by 15% , from GrD 11.4 billion in September 1997 to GrD 13.1 billion in September 1998.

FIRST HALF 1998 RESULTS

Delta Holding maintained its upward trend during the first half of 1998.

Sales increased by 18% year-on-year to GrD 43.8 billion.

Profits before taxes reached GrD 2.4 billion, which is an increase of 10% over GrD 2.2. billion in the respective period last year.

On a consolidated level, Group's sales increased by 25% during the first half of 1998 compared to the first half of 1997, whereas Group's profits before taxes reached GrD 2.8 billion.

EBITDA showed an outstanding increase of 24%, reaching GrD 9.3 billion, compared to GrD 7.5 billion during the same period in 1997. The company's cash flow during the first half of 1998 reached GrD 7.9 billion, up 16% from GrD 6.8 billion during the first half of 1997.

FIRST QUARTER 1998 RESULTS

Sales rose 18% y-o-y for Delta Holding to GrD 16.5 bn.

Sales for Delta Group of companies rose 24%. Profits before taxes reached GrD 933 million in the first quarter of 1998 compared with earnings of GrD 817 million in the same period a year earlier.

This increase in sales has been achieved because of the increase of the volume of the products sold, as Delta has adopted an exceptionally conservative pricing policy.

DELTA has gained a strong presence in the Southern-Eastern European market and with the operation of three new plants, sales are expected to double.

1997 FINANCIAL RESULTS

1997 consolidated sales reached 95.9 billion GrD, increasing almost 13% from 85.1 billion GrD in 1996.

1997 gross profit was up 8.6%, reaching 30.3 billion GrD from 27.9 billion GrD in 1996.

Profits before depreciation for Delta Holding shed 19% to reach GrD 13.2 billion from 11.1 billion in 1996.