The consolidated turnover of Kleemann Hellas was improved by 13.3% for the nine month period of 2008, in comparison with the equivalent previous period and amounted to 87.42 million euros. The gross margin amounted to 30.09 million euros increased by 13.3%, while earnings before tax, interest, depreciation and amortization (EBITDA) amounted to 14.87 million euros, increased by 2.5% in comparison with the nine month period of 2007.

At the same time, consolidated earnings after tax and minority rights were burdened by augmented interest expenses and depreciation due to the investment plan that is under way and therefore amounted to 7.37 million euros, decreased by 11.6% in comparison with the previous year, whereas earnings before tax amounted to 11.74 million euros presenting a decrease by 5.5% compared to the nine month period of 2007.

In the examining period and according to the latest decision of H.C.M.C. 1/480/24.07.2008, a
provision for fiscal years unaudited by tax authorities was carried out and encumbered the consolidated results by 199,514 euros. In addition, during the same period, there was a decrease of securities' value of listed bank in A.S.E., which encumbered the consolidated results by 304,337 euros. Had these facts not taken place, earnings after tax and minority rights would be decreased by 5.8% instead of 11.6%.

Within the framework of the implementation of its strategy, the group continues its clientele expansion and its geographical expansion to new markets, achieving the decrease of the dependence on existing markets. The improvement of the financial figures is due mainly to a considerable increase of the turnover (more than 30.0%) of the subsidiary companies of the Group and the export sales of the parent company, as well as the promotion of new products. As a result, the sales percentage originating from abroad amounted from 40.3% to 47.1%.

The scheduled investments of the three-year period 2007-2009 of 16.5 million euros, mainly in buildings, mechanical equipment and technical infrastructure, are progressing at a normal level. By these investments the Group acquires greater flexibility for manufacturing products of high added value and at the same time aims at accessing new markets by covering specialized customer needs.
 

Despite the recent unfavorable global financial events, the management of the group estimates that the financial figures for the fourth quarter of the year are expected to progress at satisfactory levels, as those of the 9-month period.