In the nine months of 2005 (1/1/2005-30/09/2005), the turnover of Autohellas -Hertz increased by some 1.4% to EUR 81.8 mn compared to EUR 80.7 mn in the corresponding period a year ago. In a similar fashion, profits after tax reached EUR 13.4 mn on 30.09.2005 versus EUR 14.3 mn on 30.09.2004. This decrease is attributed mainly to the large inventory of cars remained due to the Olympic Games in 2004 as well as to the decline of short-term rentals particularly in the first semester.

It is reminded that this is the first nine month period where International Financial Reporting Standards (IFRS) are applied, which in turn strengthened the capital structure of the company as its net worth almost doubled to EUR 106 mn. In addition, the diffentiated depreciation margins lead to an additional reduction of non-recurring profits generated from the sale of cars together with a corresponding decrease of the cost of goods sold.

It is worth mentioning that the undepreciated value of the car fleet of Autohellas amounted to EUR 178 mn on 30.09.2005, while the company's total investments realized for the expansion and renewal of the fleet in 2005 are expected to reach EUR 80 mn. Also, in 2005, the fleet of Autohellas/Hertz was the largest in the Greek market, as the total number of cars reaches 23,600 versus 8,500 in 1999. The fleet in question is operated via a network comprising 110 Hertz customer service offices throughout Greece.

Furthermore, Hertz Cyprus, as subsidiary of Autohellas has started operations since June 2005 expanding thus the company's presence in three countries and increasing significantly its growth prospects. In addition, in July 2005, Autohellas, acquired the remaining 42.32% of the company ELTREKA S.A., holding henceforth 50% of the company, while the remaining 50% belongs to ELTRAK.