Specifically, the group's management has placed particular emphasis on innovation and differentiation over the competition by investing in new products, in particular cabin and door designs, through the cooperation with the internationally acclaimed industrial designer Andreas Zapatinas. In the meantime, it proceeded by implementing an aggressive policy regarding its presence of foreign new markets, rationalizing costs, stocks and client balances.

This way, the group managed to restrain the fall in sales at a lower level than that of the market, thus achieving an increase in its market share. More analytically, during 2009, the recorded fall in the Greek elevator market reached 40%, while the fall in the domestic market group sales was limited to 23.3%. Overall, group sales in 2009 amounted to 95.85 million euros, compared to 117.50 million euros in 2008, a decrease of 18.4%. However, the group managed to increase its gross margin from 33.9% to 34.2%.

Consolidated profit before tax amounted to 9.70 million euros from 15.43 million euros in 2008, a fall by 37.1%, while earnings before interest, tax and amortization (EBITDA) reached 12.89 million euros compared to 20.07 million euros compared with last year. Profit after tax and non controlling interests amounted to 5.15 million euros, down by 50.1% compared with 2008. It should be noted that given the negative international economic climate combined with a more prudent company policy, the financial data of the parent company in 2009 was burdened with extra provision for doubtful debtors amounted to 2.23 million euros in relation to 0.82 million euros in 2008. Without this, the profit before tax of the group would be 11.00 million euros, namely decreased by 28.7%.

In addition, the parent company KLEEMANN S.A. has already paid extraordinary tax contribution of 0.6 million euros.

IMPROVEMENT OF CASH FLOW

The reduction in inventories by 26.1% through a more effective supply chain management, the reduction of client receivables by 8.5% and the maintaining of profitability at satisfactory levels, resulted in a major improvement of operating cash flows by 19.89 million euros. Τhe group managed to reduce its borrowing, compared with 2008, by 6.40 million euros and increase its cash by 6.76 million euros, thus allowing the smooth execution of its investment plan and the further strengthening of its market position.

The production investment plan of the parent company for 2010, is budgeted at approximately 1.5 million euros, relating primarily to the completion of the high speed testing tower and, secondarily, to the purchase of new equipment.

DIVIDEND OF 0,12 EUROS PER SHARE

The enhanced cash flows during 2009 and the fact that this trend is expected to continue in 2010, permit the Board of Directors to propose to the Annual General Meeting of Shareholders, a distribution of gross dividend of 0.12 per share, compared to 0.12 that was in 2008, which according to the current level of share price, corresponds to a dividend yield of 5.2%.

Having as a primary objective to increase the shareholder value, for the year 2010 the group's efforts will once again focus on further controlling costs, maintaining adequate liquidity, increasing productivity at all levels and, finally, intensifying efforts in order to penetrate new markets.