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Petropoulos: Group Income And Financial Condition 2010


Group invoiced sales decreased by 11% to million €73.6 million (€83 million in 2009).

Total Group sales (including indent sales) also decreased by 11% to €74 million (€83.4million in 2009).

2010 has been yet another difficult year, with almost every market served by the Group shrinking. In the Vehicles Division and the Automotive Machinery Division, the markets fell by 51% and 24%, respectively. Overall, the size of the markets in which the Group operates was reduced by 42% on average. The new activity of distributing Shell lubricants, which was launched in March 2010, contributed greatly to preventing Company sales from following the market’s downward trend.

Profit after tax increased by 54%, to €3.2 million (€2.1 million of 2009). A large part of this profit is attributed to the acquisition of the Shell lubricants activity. EBITDA was €3.1million (€ 5.4 million in 2009).

Earnings per share were €0.46 in 2010. The Groups price-to-book value ratio (P/BV) was approximately 0.42 (closing price on 18/3/11).

Group Solvency (Equity as % of Total Assets without Cash and Securities) was 46% as at 31.12.2010 (55% in 2009).

he Board of Directors will propose return of share capital of €0,10 per share.

*The Press Release is attached

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