Αn increase of 3% on turnover reported Autohellas Hertz at the end of 2005. In more detail, consolidated turnover reached Euro 107,5 mill. from Euro 104,4 mill. the previous year. Profits after tax reached Euro 15,9 mill. from Euro 16,9 mill. in 2004, with EBITA at Euro 61 mill. from Euro 60,9 in 2004. Year 2005, was the first to report under the International Financial Reporting Standards (IFRS). One of the major impacts of the implementation of the IFRS is a stronger capital base, with the companys net worth almost doubling to Euro 109 millions. It is worth mentioning that the purchase value of the fleet at the end of 2005 was Euro 238 millions, whereas total investment for the whole year for fleet renewal and expansion reached Euro 83 million. In 2005, Autohellas fleet remained the largest in the market with more than 24.250 vehicles under its management from only 8.500 in 1999. This fleet is operated through a network of over 110 service locations in Greece. It is significant to note that the company has been experiencing a continuous growth since 1999, the year Autohellas was listed in the Athens Stock Exchange. This continuous profitability allows Autohellas to sustain a high dividend yield, with the proposed dividend to the General Meeting of Shareholders for the year 2005 being Euro 0,21 per share.In June 2005, Autohellas-Hertz expanded its operation in Cyprus through a new subsidiary that operates as a Hertz representative, under a franchisee license that was granted to Autohellas and thus expanding the company's presence in 3 countries: Greece, Bulgaria and Cyprus. In addition, since July 2005, Autohellas holds 50% of Eltreka S.A., a company that imports and trades vehicles spare parts. The remaining 50% is owned by ELTRAK S.A. Since a period of adjustments is required for the growth of these new activities, it is estimated that they will contribute to the company s results from 2007 onwards.