The consolidated turnover of the Group reached euro 42.229m during the period of January - September 2004 compared to euro 43.290m in the corresponding period of 2003, while the Group?s net results before tax and after the deduction of minority interests amounted to euro 32.702m versus euro 35.584m in the corresponding period in 2003.
The decrease of 2.45% that is noted in the consolidated turnover in the 9M of 2004 compared to the corresponding period last year derives mainly from the respective decrease of revenue generated from the derivatives market and secondly, from the carrying out of non-financial transactions. At the same time, the operating cost decreased by 7.96%.
Thus, the consolidated earnings before depreciation, interest, minority rights and taxes (EBITDA), notwithstanding the decrease of turnover, presented an increase of 1.32% amounting to euro 20.594m against euro 20,327m in the respective period of the previous year. Personnel salaries, which constitute the larger part of the cost of the HELEX Group, present a decrease of 5.94% (including also the cost of the voluntary retirement program, amounting
euro 1,178m). The average number of employees reached 435 individuals as opposed to 503 at the corresponding period last year.
The earnings before tax (EBT) of the Group were considerably improved by profits of euro 9.2m that resulted from the sale of own shares as well as from extraordinary results, revenues amounting euro 3.8m that were generated from the cross-entry of the unutilized provisions carried out for the depreciation of the Group's stock portfolio.
The consolidated financial statement of the HELEX Group for the nine-months of 2004 is presented in the table below:
Corporate non-consolidated results of HELEX
The parent company, during the nine months of 2004, presents revenues generated from interest, dividends and financial transactions of euro 30.967m versus euro 17.297m in the corresponding period of 2003. In this item, 3/4 of the revenues generated from the dividends of fiscal year 2003 that correspond to the first nine months are included, as well as the above-mentioned profits of euro 9,2m that stemmed from the sale of own shares. The net pre-tax profits of the company amounted to euro 34.332m against euro 16.433m in 2003, up by 108.9%. The positive 2004 9M results oversubscribe the accumulated losses (balance of losses carried forward) that the parent company incurred from previous fiscal years.