KLEEMANN group is proceeding in the intensification of its exporting activities in the context of its strategy of entering new markets and extroversion enhancement.

During the nine-month period of the current fiscal year, signs from the foreign subsidiary companies are positive, particularly from Turkey, with KLEEMANN Asansor's sales being increased in the nine-month period by 32% in comparison with the relevant previous year period. In Serbia, signs of turnover recovery can be seen as well as improvement of financial results, while sales of the Romanian subsidiary appear stagnant.

For the examining period, international sales of the group account for 54% of its turnover, which in combination with the constant development of its clientele, its distribution networks, and its product range makes the management optimistic regarding its future prospects.

Similarly, market condition in Greece is tackled with new policies such as the subsidy for old lift renovation program, the enhancement of its media communication program, the expansion of its partners network specialized in complete lift systems and additional incentives for the promotion of its complete lift systems with the KLEEMANN design brand.

Meanwhile, regarding the financial results of the nine month period, in group level turnover amounted to 66.47 million euros against 70.51 million euros in the corresponding period in 2009, a decrease of 5.7%, while gross profit margin improved from 33.7% to 34.6%. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) declined from 10.81 million euros to 7.45 million euros and profit before tax for the nine month period amounted to 5.24 million euros versus 8.40 million euros of the corresponding period of last year, showing a decrease of 37.6%. Finally, earnings after tax and minority interests decreased from 5.05 million euros to 2.09 million euros.

It should be noted that the group's financial results are aggravated by increased provisions for doubtful debts as well as exchange rate differences. In addition, the group's net after taxes profitability is also influenced by the special tax imposed on profitable companies under L.3808/2009, amounting 880.000 euros. Without the aforementioned facts, its profitability would remain approximately at the levels of 2009.

An important fact is that the group's liquidity was maintained at high levels in the third quarter of 2010, particularly due to its improved operating activity cash flows. Therefore, despite the increased investments - amounting 3.4 million euros - for the completion of the high speed testing multi-storey tower and the payment of dividend for 2009 amounting 2.8 million euros, the group proceeded to the reduction of its loans by 500.000 euros.