Review
Group invoiced sales increased by 12% to Euro 91,8 million (Euro 81,9 million in 2005). Total Group sales (including indent sales) also increased by 8% to Euro 96.8 million (Euro 89.5 million in 2005).
Τhe Commercial Vehicles Division sales and profits increased both in the Truck & Bus Business Unit (Scania heavy trucks and Isuzu medium trucks) as well as in the Isuzu pick-up Business Units. In the Automotive Machinery Division, sales and profits of the Industrial Equipment and of the Engines & Boats Business Units increased, while sales and profits of the Petrogen (Generating Sets) and the McCormick (Agricultural Equipment) Business Units decreased.
Profit after tax increased by 8%, to Euro 3.2 million (Euro 2.9 million of 2005).
Earnings per share were Euro 0.47 in 2006. ΕBIDTA was Euro 6,6 million (Euro 6,5 million in 2005.) The Group''s price-to-book value ratio (P/BV) was approximately 1.3 (closing price on 23/3/07).
Group Solvency (Equity plus Provisions as % of Total Assets without Cash and Securities) was 41,7% as at 31.12.2006 (38,6% in 2005).
Since this ratio is higher than the target set by the Group, the Board of Directors proposes a dividend of Euro 0,35 per share (Euro 0,33 in 2005). During 2006, the Company issued bonus shares at a ratio one new for every five old shares. Thus the proposed dividend will be 27% higher than last year''s.
Prospects for 2007.
2007 profit after tax is expected to be 10% higher than 2006.
The Company was established in Thessaloniki in 1922. It manufactures, modifies, distributes and supports a wide range of automotive products including automobiles, trucks, buses, generating sets, diesel engines, boats, outboard engines, agricultural and industrial equipment. The Company has a leading position in the Greek market in almost all branches of its activity.
For further information, please contact Ms. Athina Tsiaga, tel. 30 10 3499211.