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Sfakianakis: 9M Financial Results

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The ongoing financial crisis of the Greek Economy, the prolonged political instability and the constant strikes had as a result the further reduction of the car market.
 
The total car registrations in the nine-month period of 2011 amounted to 79,231 units, presenting a decrease of 35.7% compared to the relevant period of 2010. SUZUKI in the nine-month period of 2011 made 2,468 car registrations with a market share of 3.1%. It should be noted that SUZUKI car registrations for the third quarter of 2011 amounted to 850 units corresponding to market shares of 3.5% of the classifications for the specific period.
 
The total motorcycle registrations in the nine-month period of 2011 amounted to 40,601 units presenting a decrease of 22.7% compared to the registrations of the nine-month period of 2010. SUZUKI made 1,091 motorcycle registrations with a market share of 2.7%.
 
Groups turnover in the nine-month period of 2011 amounted to € 188.8 mil., presenting a decrease of 24.0% compared to the turnover of € 248.3 mil. of the relevant period of 2010. Respectively, Companys turnover the nine-month period of 2011 amounted to € 149.2 mil. presenting a decrease of 26.7% compared to the turnover of 203.6 mil. of the relevant period of 2010.
 
Gross profit for the nine-month period of 2011 amounted to € 48.5 mil. for the Group and € 18.1 mil. for the Company compared to the corresponding figures of 2010 which amounted to € 61.8 mil. for the Group and to € 30.6 mil. for the Company, presenting a decrease of 21.5% for the Group and 40.8% for the Company.
 
Results before tax, financial expenses and depreciation amounted to € 10.0 mil. for the Group and to € -5.3 mil. for the Company. Loss after tax for the nine-month period of 2011 amounted to € 21.2 mil. for the Group and to € 17.1 mil. for the Company.
 
Cash flow from operating activities for the Group is positive € 37.5 mil. as a result mainly of the reduction of stock and the collection of receivables.
 
Groups management effort for further reduction of operating expenses is continuous and had as a result their decrease at Group level by € 14.1 mil. Total Group’s operating expenses on 30.09.2011 amounted to € 59.6 mil. presenting a decrease of 19.1% compared to € 73.7 mil. on 30.09.2010.
 
Group’s net bank loan has been reduced by € 31.0 mil. that is 9.8% from € 316.4 mil. on 30.09.2010 to € 285.4 mil. on 30.09.2011.
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