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Kleemann: Q1 2011 Financial Results


The group of Kleemann is engaging in exporting ventures in new markets, which present significant long term growth prospects, such as the Middle East, countries of the Arabian Gulf and Northern Africa. Moreover, further establishment is achieved in its traditional markets, while simultaneously efforts are made to increase the geographic dispersion of its clientele. 

As a result of the continuous strengthening of the groups extraversion, international sales in the first quarter of the current year are presented increased by 18,3%. More specifically, impressive growth can be seen on the sales to Australia, the United Kingdom, Holland, Germany and Saudi Arabia, while the Turkish subsidiary KLEEMANN ASANSOR achieved an increase of its turnover by 38,3% and tripled its profitability to 682.000 euros from 211.000 in the first quarter of 2010. 

In the meantime, the procedure for the creation of a wholly owned new subsidiary company based in Oxford in United Kingdom was finalized, with an initial stock capital of 200.000 euros. 

On the contrary, the crumpling of construction activity in Greece in the first quarter of 2011 lead to a reduction in domestic sales by 34,2%. 
Therefore, consolidated turnover amounted to 20 mln euros, showing a decrease of 8,3% in comparison with the relevant last years period. At the same time, the increase of energy cost, as well as prices of raw materials lead to a reduction in the groups gross margin, which fell to 29,8% from 34,9% in the relevant last years period. 

As a result, consolidated profit before tax at the period under examination amounted to 570.000 euros decreased by 68,5% in comparison with the first quarter of 2010. Earnings before interest, tax and amortization (EBITDA) totaled 1.38 mln euros, compared to 2.55 mln euros in the relevant period of 2010, reduced by 45,8% while Profit after tax and non controlling interests amounted to 5.100 euros, from 1,05 mln euros in 2010. 

The positive operating cash flow of the group which amounts to 2,6 mln euros further enhances its liquidity, which was utilized to further reduce short term bank loans by 4,2 mln euros (from 14,9 mln euros to 10,7 mln euros). 

It is reminded that for the fiscal year 2010, management of Kleemann intends to propose to the annual general assembly of the shareholders distribution of dividend 0,05 euro per share. The dividend yield, based on the share price at the year end, amounts to 4,3%.

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