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COMPANY NEWS

Kleemann: 1H08 Results

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The Kleemann group has reported strengthening of its financial figures for the 6-month period of 2008, despite the international economic crisis which creates side effects for the construction and housing markets.
Specifically, according to the Financial Statements of the first 6-month period, the consolidated turnover amounted to euro 58.33 million against euro 51.16 million, presenting an increase of 14,0%. Consolidated profit before tax, interest and depreciation (EBITDA) improved from euro 9.46 million to euro 10.76 million that is to say by 13,7%, while consolidated profit after tax increased by 6,8% amounted to euro 6.48 million. Profit before taxes amounted to euro 8.74 million against euro 8.20 million the equivalent period of last year, presenting an increase of 6,6% and profit after tax and minority rights increased by 0,4%, from euro 5.58 million to euro 5.60 million.
Respectively, earnings before interest, tax, depreciation and amortization (EBITDA) of the parent company amounted to euro 8.03 million, improved by 4,0%. Profits before taxes amounted to euro 6.59 million as compared to euro 6.78 million, showing a decrease of 2,8% and net profits after taxes amounted to euro 4.98 million, worsened by 1,8%. The turnover of the parent company amounted to euro 51.06 million, increased by 9,8%.
It should be mentioned that, based on the most recent directive of the HCMC (no 1/480/24.07.2008) affecting all quoted companies, the group for the first time has estimated a provision for tax audit that burdened the group results by euro 171 thousands and the company results by euro 145 thousands. If this provision was not made, the consolidated profit after tax would show an increase of 9,6%, profit after tax and minority rights an increase of 3,3% and profit after tax for the company would increase by 1.0%.
EXTROVERSION
The groups efforts regarding the strengthening of its extroversion had profound results. More than 36,3% of the parent sales originate from export activity. The group followed an aggressive commercial policy both in the existing and in new developing markets. As a result, the extrovert orientation of the group has increased since 43,7% of the consolidated turnover is being realised abroad. It is worth noticing the contribution of the majority of the subsidiary companies both in terms of profitability and the overall improvement of the group financial figures.
TARGETS
The strategic targets of the management are the maintenance and enforcement of the leading position of the group, both in the Greek and European market, as well as its further expansion and the improvement of products and services offered. Based on investment in technology and specialized human recourses, the group continues, for 2008, the implementation of its strategy with main axes the quality, innovation, speed and flexibility. Within this context, the group has already started carrying out a three-year period (2007-2009) investment plan of approximately euro 16,50 million.
Despite the adverse international financial environment, the perspectives of the group for 2008 remain positive, following the trend set by the first two quarters of 2008, and they are based on the fact that Kleemann constitutes a group with modern infrastructure, strong capital structure, close collaboration with its clients, excellent reputation and an international position in the elevators market.
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