Introducing Helesi

Helesi designs, manufactures and supplies high quality, plastic injection moulding products to the waste management industry worldwide. The company addresses global markets, which are driven by the increasing impact of rigorous environmental legislation implemented across the world. In addition to plastic waste containers, Helesi’s product line includes pallets and pallet boxes, pre sorting waste bins, stadium seats, material handling plastic products, including pallets and pallet boxes, fish and food crates.

Helesi is run by a strong management team, led by Managing Director Sakis Andrianopoulos, who has more than 17 years experience in waste management consulting for public authorities and municipalities. The company operates two, strategically located, state of the art production plants at Komotini, Northern Greece, one in Bradford, UK amd a third production facility in Italy, Pisticci Scalo, Matera.

2007 was a successful year for Helesi, the first full year after its shares were admitted to the AIM market of the London Stock Exchange. The principal themes were a continuation of our organic growth, a clear focus on our 2006–2009 €83 million investment program and the acquisition in November of key businesses of the Perivallontiki Group.

2008 was a challenging year that included the completion of our €87 million investment program, the integration of the acquired businesses in the Vehicles Division and the commencement of the construction phase of the 10 year contract in Cyprus for Waste Management Services.

However we enter 2009 with expanded cost competitive manufacturing facilities, a waste management services business positioned for substantial growth and a vehicles and equipment business that now has the scale and resources to tender for the largest of projects in our area of geographical focus.

Milestones

Highlights 2008

Group revenues increased by 32% to €65.8 million (2007: €50.0 million): - Plastic Products up 20%, Waste Management Services up 84%, Vehicles up 60% Profit before finance charges and tax up 21% to €10.5 million (2007: €8.7 million) Net profit increased by 6.4% to €6.6 million (2007: €6.2 million) as a result of doubled net cost of financing (€3.2 million against €1.7 million in 2007) Completion of three year, €87 million investment program: - The €25 million new plant to produce pallet boxes and food containers in southern Italy was completed in December and trial production commenced in January this year - The new plant for production of wheeled bins at Komotini in northern Greece was completed in February 2009 and commercial production commenced subsequently Year end net debt peaked at €67 million as a result of the completion of the investment program, late arrival of €21 million of associated government grants (now expected in 2009) and slower payment by customers Perivallontiki acquisition fully integrated to form an enlarged Vehicles and Accessories division Appointment of Sakis Andrianopolos as Interim Chairman following the sudden death of Roger Parsons, appointment to the Board of Apostolos Binomakis as Chief Financial Officer and Ioannis Riskakis as head of Waste Management Services

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Competitive advantages

Strong Management Team Operational management expertise Waste management industry expertise Interests aligned with shareholders Ambitious for the company	Cutting Edge R & D Design of products/production process to: Decrease raw material & transportation costs Facilitate easy introduction of new product lines High quality standards which translate to contract wins
Diversified Product Offering Effective sales structure Extensive sales network Partnerships with local teams Flexible and lean sales force	Strategic Positioning Proximity to southern European and Middle East markets, where penetration is still low
Financial Highlights 2008
2008 Sales Breakdown by Geography