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Petros Petropoulos: Announcement

Group invoiced sales decreased by 26% to million €83 (€113 million in 2008). Total Group sales (including indent sales) also decreased by 27% to €83,4 million (€114 million in 2008).

The markets in which the Group operates were in a record decline of 35% on average. With the exception of car batteries and intercity buses, overall demand in all other sectors fell by between 30% and 70%. The decrease in Group sales was smaller than the fall in the overall market. This is due to the increase in market share of many of our products.

Profit after tax decreased by 54%, to €2.1 million (€ 4.5 million of 2008). EBITDA was €5.4 million (€9.4 million in 2008). Earnings per share were €0,30 in 2009. The Groups price-to-book value ratio (P/BV) was approximately 0,53 (closing price on 16/3/10).

Group Solvency (Equity as % of Total Assets without Cash and Securities) was 55% as at 31.12.2009 (42% in 2008).

From March 2010 onwards, the Group is the distributor of Shell lubricants in Greece and Cyprus and thus holds a leading position in the sector of lubricants for motor vehicles, industrial uses, construction, shipping and aviation.
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