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Increased Turnover and Earnings before taxes for Space Hellas

Space Hellas’ consolidated turnover for 2010, despite the national recession, reached € 50.1 million, the highest achieved in its 25 years of operation, as compared to € 49.7 million in 2009.

The consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2010 present an increase by 24% compared to 2009 and amount to € 3 million vs. € 2.4 million the previous year. This increase was achieved as the operating expenses of the company were reduced at a higher level than the decrease in gross profit.

Consolidated earnings before taxes increased and reached € 414 thousand in 2010 compared to € 318 thousand in 2009. The consolidated profit after taxes in 2010 decreased and amounted to € 127 thousand compared to € 469 thousand in 2009, because of increased taxes and deferred tax projections.

The group, working very carefully in terms of credit risk and maintaining very good relations with financial institutions, has the necessary liquidity to cope with the difficult financial period. The group’s short term loans have been decreasing and amounted to € 22.7 million in 2010 vs. € 23.1 million in 2009.

The operating cash flow at a consolidated level is presented negative at € 527 thousand, although it was positive until 30-Sep-2010. This is due to increased invoicing in the last quarter of 2010, as the average collection is more than 90 days.  

For the parent company, the turnover closed at € 49.2 million in 2010 vs. € 49.1 million in 2009, while the Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to € 2.6 million compared to € 2.1 million in 2009. Finally, pre-tax profits of the parent company for 2010 amounted to € 88 thousand, when in 2009 they were € 34 thousand and the corresponding post-tax results showed negative sign and amounted to € 164 thousand compared to profits of € 213 thousand in 2009.

It is noted that in 2010, there was a strengthening of sales in the private sector over the public sector. Specifically, the sales in the private sector (both in Greece and abroad) reached an 88% of total sales and in the public sector a 12%, while the corresponding figures in 2009 were 73% and 27% respectively.

For 2011 the company is planning to maintain a positive and growth course.

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