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Increased EBITDA and earnings after taxes in the third quarter of 2011 for Space Hellas

According to the consolidated financial statements of Space Hellas in the third quarter of 2011, there has been an increase in EBITDA amounting to €2.8 million compared to €2.2 million in 2010, as well as an increase in earnings after tax to €215 thousand compared to €55 thousand in 2010, despite the decline of the corresponding consolidated turnover to €29.5 million from €32.9 million in the same time period.

The increase in EBITDA reflects the successful implementation of the corporate strategic choice to reduce operating costs while increasing gross profit margins. According to the cash flows statement, operating cash flows are positive amounting to €835 thousand and are channeled primarily towards reduction of bank loans.

Financial costs in the 3rd quarter of 2011 presented an increase, as compared against the same period of 2010, and amounted to €1.7 million against €1.2 million in the corresponding period last year.

The assessment of the company is that, despite the reduction in turnover, the positive trend will continue in the coming quarters aiming at continued EBITDA growth with simultaneous reduction of bank loans, which in turn will lead to reduction of financial costs.

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