1999 FINANCIAL RESULTS

• The financial figures of Elliniki Technodomiki for 1999 increased significantly. More specifically, at a consolidated level, the Elliniki Technodomiki - TEB - AKTOR Group financial figures for 1999 were as follows: Pre-tax profits were 17.2 billion GrD and turnover reached 102.3 billion GrD. For the parent company, turnover amounted to 52.6 billion GrD versus 34.4 billion GrD in 1998, an increase of 53%. Pre-tax profits rose by 353%, reaching 11.8 billion GrD against 2.6 billion GrD in 1998.

NINE MONTH 1999 RESULTS

• Elliniki Technodomiki S.A. published nine-month financial results exhibit significant growth. Consolidated pre-tax profits of the Group reached 8.85 billion GrD showing a significant growth of 401%, compared to the corresponding period of 1998. Turnover also went up by 101% to 47.47 billion GrD (from which 29.2 billion were the Group's sales and 18.3 billion came from participations in joint ventures) versus 23.54 billion in 1998.
• Total Assets were 61% higher than 1998 and Current Assets reached 33.41 billion GrD (+23% y-o-y), while Fixed assets increased by 188%. Total Equity was 47.8 billion GrD (+ 41 y-o-y). Total Liabilities reached 14.2 billion GrD, The company maintains a very strong capital structure with no Long-term debt and a liquidity ratio of 2.4 times.

FIRST HALF 1999 RESULTS

• In the first half of 1999, consolidated EBT after minorities reached 3.248 billion GrD from 1.237 billion GrD (+162.5%). Turnover amounted to 32.81 billion GrD from 14.35 billion GrD, in the same period of 1998 (+129%).
• Total Assets showed a great increase of 150.8% reaching 32.450 billion GrD in the first half of 1999. Equity increased by 127% while Liabilities grew by 204% (no long-term debt exists). The debt to equity ratio stands at 0.34 and the liquidity ratio (current assets over current liabilities) is 2.4 times.
• On a parent level EBT reached 2.81 billion GrD from 1.23 billion GrD previously (+128.8%). Turnover reached 24.38 billion GrD from 13.74 billion GrD last year (+77.4%).
• Equity went up by 90% and the debt to equity ratio was 1.227 in the first half of 1999. Total assets went up by 73% to 20.89 billion GrD with current assets doubling and fixed assets almost tripling compared to the last half of 1998.

FIRST QUARTER 1999 RESULTS

• EBT increased 193.9 % reaching 1.2 bn. GrD in 1999, compared to 416 million GrD in the same period of 1998. The turnover of the Company increased by 114.7 % amounting to 13.4 billion GrD compared to 6.2 billion GrD in the first quarter of 1998.
• The results are not directly comparable as first quarter 1998 figures do not include recently merged TEB. Results were boosted by higher income from securities that reached 1.3 billion GrD from 237 million GrD in the same period last year.

1998 FINANCIAL RESULTS

• The financial results of Elliniki Technodomiki for 1998 were significantly improved. In consolidated terms, turnover increased by 45.7% and amounted to 48.5 billion GrD compared to 33.3. billion GrD in 1997. Net profits before taxes rose by 40.4%, amounting to 3,451 million GrD versus 2,458 million a year earlier.
• The significant increase in the turnover of Elliniki Technodomiki can be partly attributed to the acquisition of TEB S.A. (Technical Company of Volos), a large construction company listed in the ASE, in October 1, 1999.
• Consolidated turnover for TEB was 9,813 million GrD versus 9,296 million the previous year. In percentage terms the increase was 5.6%. However, net profits before taxes decreased by 53.9%. In 1998 net profits before tax were 675 million versus 1,464 million in 1997. The decrease is mainly due to the decline in income from participations and financial income that amounted to 773 million versus 1,367 million in 1997.

NINE MONTH 1998 RESULTS

• In the first nine months of 1998 there were no dramatic increases or decreases in the results of Elliniki Technodomiki. More specifically, consolidated turnover increased by 3.8% reaching 23.54 billion GrD from 22.68 billion GrD during the same period last year. However, there was a small decrease of 1% in consolidated net profits before tax, which was at 1,765 million GrD compared to 1,782 million during the first nine months of 1997.

FIRST HALF 1998 RESULTS

• Consolidated turnover for the first six months of 1998 amounted to 14.35 billion GrD down by 2% compared to the same period in 1997. Net profit before tax dropped by 13.4 % standing at 1,237 million GrD compared to 1,411 million GrD in the first six months of 1997.

FIRST QUARTER 1998 RESULTS

• During the first three months of 1998 there were no spectacular changes in the financial performance of Elliniki Technodomiki group. Turnover was 6,218 million GrD, 1.01% higher than the previous year during the same period. Net profits before taxes were down by 3.2% and amounted to 416 million GrD versus 429 million GrD during the first three months of 1997. Investments in fixed assets amounted to 231 million GrD.

1997 FINANCIAL RESULTS

• In a consolidated level, the total turnover of the Elliniki Techodomiki Group for 1997 increased by 34.9% reaching 33.62 billion GrD from 24.91 billion GrD in 1996. This increase was a result of the 44 new projects that started in 1997. However, income before taxes for 1997 dropped by 21.5%. It amounted to 2,511 million GrD compared to 3,199 million GrD in 1996.