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Results: |
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Group revenues increased by 12% to €73.9 million (2008: €65.8 million): |
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Profit before finance charges and tax €8.9 million (2008: €10.5 million) |
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Net profit €2.8 million (2008: €6.6 million) as a result of increased cost of financing (€4.5 million compared to €3.2 million in 2008). |
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Remains cash positive despite unprecedented trading conditions, with operating cash flow of €2.5 million (2008: €7.0 million). |
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Transformation in scale of Vehicles division means Company now has critical scale for high margin supply and distribution of specialist waste collection vehicles both in Greece and Cyprus - fulfillment of two large contracts in 2009
• Municipality of Athens contract, worth an initial €14.5 million,
• €10 million contract with the Prefecture of East Macedonia Thrace for the supply of specialist waste vehicles.
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Year end net debt at €71.7 million (2008: €70 million) as a result of completion of investment programme, delays in receipt of government grants and slower payment by customers. |
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Appointment of Dimitri Goulandris as Non-Executive Chairman, Apostolos Binomakis moves to Non Executive Director from Chief Financial Officer, appointment to the Board of Ioannis Tolias as Chief Financial Officer. |
