More specifically, the Group's gross profit margin for the nine-month period of 2013 amounted to 33.4% from 30.2% in the corresponding period of 2012. The improvement is due to the continuous actions implemented regarding the reduction of raw material costs, the increase of productivity as well as the reduction of general production expenses. The Group's EBITDA amounted to € 6.5 mln from € 3.1 mln in the corresponding period of 2012. Finally, profit after tax amounted to € 2.8 mln from € 0.1 mln last year.
Due to the continuous search for new markets as well as the Group's extraversion, its international sales amounted to 81% of turnover from 76% in 2012, while it is operating in more than 90 countries worldwide. Meanwhile, the two new production units in China and Serbia have started their manufacturing activity in 2013, thus increasing the Group's production capacity. The two plants manufacture elevator parts and operate complementary to the main production facilities that are located in Greece.
The ratio of equity to total liabilities is very high and amounts to 1.94, while the Group also succeeded in reducing its total bank loans by € 5 mln compared to the end of 2012. Also, due to the net cash flow of the period from operating activities being € 5.8 mln, bank loans are lower than cash, as net debt amounted to € -1.1 mln from € 2.7 mln in 31/12/12 and € 13,4 mln in 31/12/11. This performance confirms the Group's financial self-reliance as well as its healthy financial state and ensures its unhindered operational growth in the future.
The Group will continue to aim at penetrating even more new markets and to improve its performance in existing ones. Regarding the financial figures for the year 2013, the management expects that the Group's figures will continue being positive and showing improved performance.