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COMPANY PRESENTATIONApril 2008
COMPANY PRESENTATIONApril 2008
1 Business OverviewKey Investment HighlightsIndustry OverviewBusiness StrategyInvestment ThesisFinancial OverviewAppendix
Key Issues12
3
4
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6
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3
At a GlanceAt a Glance
2004 2005 2006 2007
EBITDA Margin 12.1% 5.6% 10.1% 10.4%
DIVIDEND (¢ / share) 7.3 1.8 6.7 10
Turnover (€ mil.) 130.1 128.1 150.4 189.3
(-1.6%) (+17.5%) (+25.9%)
EBITDA (€ mil.) 15.7 7.2 15.3 19.7
(-54.3%) (+112.9%) (+29.1%)
EATAM (€ mil.) 9.4 1.8 6.2 9.6
(-80.7%) (+242.6%) (+53.9%)
Land: 140,000 m2
Plants & Build. 75,000 m2
Shares: 37.296 mil
Mkt CAP: € 59.7 mil
Assets(2007): € 204.5 mil
Sales Vol.(2007)231.3 th tons
1.4 Mio m2
EV/EBITDA(2007): 7.01 x
P/BV(2007):0.67 x
P/E(2007): 6.24 x
PEG (2007): 0.12 x
Leading Steel Processor and Reseller of steel products in Greece with over 50 years presence in the sector, managing the largest steel product range in the market.Leading Steel Processor and Reseller of steel products in Greece with over 50 years presence in the sector, managing the largest steel product range in the market.
Share price € 1.60 (10/04/2008)BV=Total Equity-Minority Rights, Investment ratios computed with number of shares 37,296,000.
4
At a GlanceAt a Glance
2004 2005 2006 2007
EBITDA Margin 12.4% 5.4% 10.0% 10.4%
DIVIDEND (¢ / share) 7.3 1.8 6.7 10
Turnover (€ mil.) 123.1 118.2 135.2 168.3
(-3.9%) (+14.4%) (+24.5%)
EBITDA (€ mil.) 15.3 6.4 13.5 17.5
(-58.2%) (+110.9%) (+29.6%)
EATAM (€ mil.) 9.2 1.8 6.2 9.6
(-80.7%) (+242.6%) (+53.9%)
Land: 124,000 m2
Plants & Build. 68,500 m2
Shares: 37.296 mil
Mkt CAP: € 59.7 mil
Assets(2007): € 170.4 mil
Sales Vol.(2007): 222 th tons
1.4 Mio m2
EV/EBITDA(2007): 5.38 x
P/BV(2007):0.67 x
P/E(2007): 6.24 x
PEG (2007): 0.12 x
Excluding STEEL CENTER SA • The company is Under Common Management & has the same Major Shareholders
with KALPINIS-SIMOS SA but with a different activity • 0% ownership but is included in the Consolidated under IFRS Statements of
KALPINIS-SIMOS SA
Excluding STEEL CENTER SA • The company is Under Common Management & has the same Major Shareholders
with KALPINIS-SIMOS SA but with a different activity • 0% ownership but is included in the Consolidated under IFRS Statements of
KALPINIS-SIMOS SA
Share price € 1.60 (10/04/2008)BV=Total Equity-Minority Rights, Investment ratios computed with number of shares 37,296,000.
5
Investment ThesisInvestment Thesis
(*) Excluding STEEL CENTER SA operations
150,440
15,260
13,761
6,210
17
9.61
0.730.40
3.91
8.46
0.87
SALES (000. €)
EBITDA (000. €)
EBIT (000. €)
EAT&MIN (000. €)
EPS ¢
P/E x
P/BV xP/SALES x
P/EBITDA x
EV/EBITDA x
BANKS/ EQUITY x
PEG x 0.04
189,345
19,696
17,936
9,557
26
6.24
0.670.32
3.03
7.01
0.90
0.12
2006 2007
168,274
17,532
16,021
9,557
26
6.24
0.670.35
3.40
5.38
0.65
0.12
2007*
Share price € 1.60 (10/04/2008)BV=Total Equity-Minority Rights, Investment ratios computed with number of shares 37,296,000.
6
Brief History Brief History 1956
Founded by the fathers of today’s major shareholders, Andreas Kalpinis and Nicolaos Simos.
The first Steel Service Centre of the Greek market. Scope of activities is extended into the manufacture and processing of steel products.
1977
Listed on the Athens Stock Exchange following a 8.7 million euros IPO1990
Subsidiary Corus - Kalpinis – Simos SA. Is founded (50-50% Joint venture with British Steel Holdings B.V.)
1999
2002Capital Increase by €10.4 mil.
Relocation to the strategic area of Aspropirgos in the Attica region, optimizing transportation process
2006Establishment of Corus-Kalpinis-Simos Steel Service Center SA that is, the Steel Service Center of the Group in South East Europe (50-50% Joint venture with Corus–Tata)
2007Stock Split 2:1 in October 10, 2007 -- Outstanding Shares: 37,296,0001st ever Private Placement: 10% placed to Foreign Institutional Investors
2008Established BALKAN IRON GROUP S.R.L. in Romania (Joint Venture with “HELLENIC HALYVOYRGIA” and “TRIGONIS BROS” 1/3 each)
Established Bulgarian subsidiary: KALPINIS – SIMOS BULGARIA EOOD
7
• Established in 1973
• Owned by Kalpinis & Simos family
• Active in the stainless steel industry
• Will not be consolidated in 1st
Quarter of 2008
• Established in 1999• Partnership with British
Steel Holdings B.V.• Modern steel building
materials (Ecopanel, polyurethane panels)
• Sales ‘07: (€) 28.2 Mio• Sales ‘07 (vol.) 1.4 Mio m2
The GroupThe Group
Corus-Kalpinis-Simos Steel Service Center S.A.
0%50%
• Re-activated in 2006• 50-50% Joint venture with
Corus-Tata SA• Steel Service Center in
Southeast Europe• Starts operations in the 2nd
half of 2008• Sales ’08: (€) 18.9 Mio• Sales ’08 P: (vol) 40 th. tons
50%
• Established in 1956
• Leading Steel product distributor & processor in Greece
• Sales 2007 (€) 155.3 Mio
• Sales 2007 (vol.) 221.9 th tons
1 Key IssuesKey Investment HighlightsIndustry OverviewBusiness StrategyInvestment ThesisFinancial OverviewAppendix
Business Overview21
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The Group processes and trades
Flat Steel products Long Steel products
Product Categories Product Categories
Sales Breakdown (FY 2007)
Processed Products
Resale
64.0%
36.0%Tubes (Long Products)Long Steel ProductsFlat Steel Products
49,7% 38,1%
12,2%
110.3 th tons
111.6 th tons
10
Product Applications Product Applications …which are marketed to a diverse number of industries
and cover a series of applications…which are marketed to a diverse number of industries
and cover a series of applications
8% 10%20%
52%
10%
ResellConstruction Manufacturing Energy Ship-building Ship-repairing• AKTOR• J&P
• KNAUF• FRIGOGLASS
• METKA• PPC
• THYSSEN KRUPP• GREEK NAVAL FORCES
11
Product Categories Product Categories Flat Steel productsFlat Steel products
Symdeck 73 Profiled Steel SheetMetaldeck Scaffolding PlankCold-Form Sections & JoistsPolyurethane PanelsSteel Plates, Sheets, StripsCladding Steel ProfilesEcotiles
12
H-Beams, I-Beams, Channels, Angles etc.
Product Categories Product Categories
Long Steel products Long Steel products
Round, square, right steel pipes
Galvanized round, galvanized square and galvanized rectangular ones
Structural Hollow sections & tubesStructural Hollow sections & tubes
13
Product Categories Product Categories
Stainless steel products (Steel Center S.A.)Stainless steel products (Steel Center S.A.)
Stainless steel rolls and flat sheets
Hollow sections and TUBO
Concrete reinforcing stainless steel
Inox accessories for tank (i.e. trapdoors)
Stainless steel welding consumables
1
Key Investment Highlights31
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Key IssuesBusiness OverviewIndustry OverviewBusiness StrategyInvestment ThesisFinancial OverviewAppendix
15
• Value added Products• Wide & diversified product mix (over 300 types)• Dispersed clientele base (over 2,900 clients)• Sophisticated sales Network
Broad Product Portfolio &
Sales Network
• Stable price Growth • South East Europe expansion
• Strong demand for steel productsStrong Market
Dynamics
• Long-standing partnerships with major groups world wide (Corus-Tata, Mittal Steel, BlueScope, Hyundai Steel, Salzgitter etc)
• Know how transfer• Strong relationships with key suppliers (over 35 international in 24
countries)
Long-Term Relationships
Attractive key financial
ratios
Key Investment HighlightsKey Investment Highlights• EV/EBITDA(2007): 7.01x • P/E(2007): 6.24x• P/BV(2007): 0.67x• Net Debt/Equity(2007): 0.71• PEG (2007): 0.12x
16
(Tube Manufacturing)
Land with
Buildings
Capacity
EN ISO 9001
15,700 sq. m.
8,500 sq m.
60,000 Mt
2000
ASPROPIRGOS
Facilities Facilities
Land area
Buildings
Capacity
EN ISO 9001
105,000 sq. m.
37,000 sq m.
320,000 Mt
2000
SCARAMAGAS
Land with
Buildings
Capacity
EN ISO 9001
16,000 sq. m.
6,500 sq m.
15,000 Mt
2000
(Steel Processing & Trading) (Stainless Steel)
KALPINIS SIMOS SAKALPINIS SIMOS SA KALPINIS SIMOS SAKALPINIS SIMOS SA STEEL CENTER SASTEEL CENTER SA
17
Land with
Buildings
Capacity
32,000 sq. m.
18,500 sq m.
200,000 Mt
CORUS – KALPINIS – SIMOS SACORUS – KALPINIS – SIMOS SA
Facilities Facilities
Land area
Buildings
CapacityEN ISO 9001ISRS
(Utilizes KALPINIS-SIMOS premises)
2,400 sq m
2000
•METALPRO is a 50-50% Joint Venture with Corus-Tata•Land is already acquired and the buildings are under construction• Runs a € 14.8 Mio investment plan
ATHENS(Building Systems)
SALONIKA(Steel processing & trading)
CORUS – KALPINIS – SIMOS Steel Service Center SA
CORUS – KALPINIS – SIMOS Steel Service Center SA
18
Capacities Capacities KALPINIS-SIMOS (tns)
CORUS-KALPINIS-SIMOS (ATHENS-m2)
1,400,000
2,400,000 2,400,000 2,400,000
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2007 2008 2009 2010
CORUS-KALPINIS-SIMOS (SALONICA tns)
250,000 270,000 290,000
380,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2007 2008 2009 2010
120,000 120,000
200,000
0
50,000
100,000
150,000
200,000
250,000
2008 2009 2010
1 Key IssuesBusiness OverviewKey Investment HighlightsBusiness StrategyInvestment ThesisFinancial OverviewAppendix
Industry Overview41
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Global Market:Global Market:
Industry Outlook Industry Outlook
• 1,150 bio $US in ‘06 or 1,260 Mt
Market Size
Consumption
EU35 estimated consumption rates of finished steel are expected to grow moderately a 1.6% CAGR until 2012 (from 182 Mt in 2006 to 208 Mt in 2012)
• EU 35 estimated production rates of crude steel are also expected to grow moderately at a 0.7% CAGR until 2012 (from 208 Mt in 2006 to 220 in 2012)
• World production (2007): 1,343.5 Mt.
Production
Market Growth
• Significant growth in value of the global market over the last three years
• The new consumers in Asia and transition economies pull global steel demand by 4 to 6 % per year for 20 to 30 years
Source: LAPLACE CONSEIL, CORUS-TATA, I..I.S.I., SBB Briefing
• World Market CAP grew 7 times from 2000
Market Growth
21
0 €
100 €
200 €
300 €
400 €
500 €
600 €
700 €
Jan 07
Mar 07
May 07
Jul 07
Sep 07
Nov 07
Jan 08
Mar 08
Global Market Characteristics:Global Market Characteristics:
Industry Outlook Industry Outlook
Increase in price volatility
Reduced cyclicality
Value added European products offer competitive edge
Kalpinis-Simos is gaining momentum from rising Euro as most purchases from the Asian market are paid in US dollars
Europe would likely see steel prices at €1,000/ton by 2010, or steel prices would have doubled in five years, from around €500/t in 2005.
Source: LAPLACE CONSEIL, CORUS-TATA, I..I.S.I., steelbb.com
STEEL PRICE EVOLUTION 2007-2008
0 €
100 €
200 €
300 €
400 €
500 €
600 €
700 €
Jan 00
May 00
Sep 00
Jan 01
May 01
Sep 01
Jan 02
May 02
Sep 02
Jan 03
May 03
Sep 03
Jan 04
May 04
Sep 04
Jan 05
May 05
Sep 05
Jan 06
May 06
Sep 06
Jan 07
May 07
Sep 07
Jan 08
STEEL PRICE EVOLUTION 2000-2008
22
590,114
177,555189,345 166,45576,531
A. K
ALPI
NIS
- N. S
IMO
SSA
SID
MA
SA
BITR
OS
HO
LDIN
GS
SA
KOR
DEL
LOU
SA OTH
ER
Size: € 1,200 Mio market
Industry OutlookIndustry OutlookDomestic MarketDomestic Market
Consolidated Market Share 2007 (Greece)
(000. €)
15.78%14.80% 13.87%
6.38%
49.18%
1
Business Strategy51
2
3
4
6
7
8
Key IssuesBusiness OverviewKey Investment HighlightsIndustry OverviewInvestment ThesisFinancial OverviewAppendix
24
THREATS
STRENGTHS WEAKNESSES
OPPORTUNITIES
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SWOT analysisSWOT analysis
• 50+ year history• Strategic partnership with
Corus-Tata• Well Diversified product portfolio • Well diversified supplier base• Long term Relationships with
customers and suppliers• Group’s exposure to steel price
volatility is partially balanced as it focuses on value added products
• Solid financial performance• Lowest PEG: 0.12 x• Attractive P/E: 6.24 x
• Unfavorable balance betweencollection and payment days,which is gradually improvingcausing a burden to the Cash flow
• Limited to the Greek market• Relatively low ROE
• High expected growth rates in South
East Europe
• Increasing demand in the construction,
ship-building and the ship repairing
industries
• Potential consolidation
• Price Volatility• Cyclicality
1
Investment Thesis61
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Key IssuesBusiness OverviewKey Investment HighlightsIndustry OverviewBusiness StrategyFinancial OverviewAppendix
26
Business Plan FinancingStrategy
Expansion in South East Europe - new joint venture with Corus-Tata. New service centre in N. Greece.
Establishment of 1 new subsidiary KALPINIS – SIMOS BULGARIA
Established 1 new subsidiary in Romania which will be named BALKAN IRON GROUP S.R.L. (Joint Venture with “HELLENIC HALYVOYRGIA” and “TRIGONIS BROS” 1/3 each)
Further expansion in other countries of South East Europe (F.Y.R.O.M., Albania, Cyprus)
Investment ThesisInvestment Thesis
27
Strategy FinancingBusiness Plan
We have put together a 5-year 45-mio € plan for the:
Modernization of existing operations in the Attica region (€ 14.7 Mio 35% subsidized).
Establishment of new production and trade facilities in N. Greece (€ 7.4 Mio 25% subsidized, 50-50% joint venture with Corus-Tata) (expected capacity: 200,000 Mt)
Establishment of new Steel centers in Romania and Bulgaria (€ 6 mio, 30% subsidized, in a joint venture)Bulgaria (expected capacity 100,000 Mt, 10,000 sq. m Buildings)Romania (expected capacity 200,000 Mt , 20,000 sq. m Buildings)
Expansion of operations of Corus-Kalpinis-Simos (€ 1.6 Mio, 50-50% Joint Venture, 20% subsidized)(expected capacity will increase form 1,200 to 2,400 sq m.)
Investment ThesisInvestment Thesis
28
Strategy Business Plan Financing
Investment ThesisInvestment Thesis
Capex Requirements (5-year horizon) Sources of Financing
Free Cash Flow (€ 5 Mio)
Sale of non-core assets (€ 8 Mio)
Leverage (€ 7 Mio)
Initial Investment = € 45 Mio
Initial Investment = € 30 Mio
(Kalpinis-Simos SA share)
(Minus) subsidies = € 10 Mio
Net capex required = € 20 Mio
Leverage35%
Free Cash Flow25%
Sale (non-core
assets)40%
1
Financial Overview71
2
3
4
5
6
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Key IssuesBusiness OverviewKey Investment HighlightsIndustry OverviewBusiness StrategyInvestment ThesisAppendix
30
189.345
150.440
130.132 128.086
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
180.000
200.000
FY 2004 FY 2005 FY 2006 FY 2007
CAGR 13.3%
TurnoverTurnover(000. €)
-1.6 %-1.6 %
+17.5 %
+25.9 %
31
TurnoverTurnoverVOLUMEVOLUME
000 m2
% of Group Volume 82%
Avg Gross Margin 16%
% of Group Volume 8%
Avg Gross Margin 27%
000 tnKALPINIS - SIMOS S.A.
025.00050.00075.000
100.000125.000150.000175.000200.000225.000250.000
2000 2001 2002 2003 2004 2005 2006 2007
CORUS - KALPINIS - SIMOS S.A.
0200400600800
1.0001.2001.4001.600
2000 2001 2002 2003 2004 2005 2006 2007
32
1.81
3
29.7
12
24.8
63
24.3
82
14.8
65 19.6
96
15.2
60
15.6
97
7.16
9 13.7
95
11.4
96
13.1
67
4.31
2 9.55
7
6.21
0
9.37
1
0
5.000
10.000
15.000
20.000
25.000
30.000
2004 2005 2006 2007
GROSS PROFIT EBITDA EBT EATAM
(000. €)
(-39.0%)
(-54.3%)
(-67.2%)
(-80.7%)
(+67.3%)
(+112.9%)
(+166.6%)
(+242.6%)
(+19.5%)
(+29.1%)
(+20.0%)
(+53.9%)
Income StatementIncome Statement
33
Profit Margins Profit Margins (%. €)
+15,
7%
+ 11
,6%
+ 18
,7%
+ 16
,5%
+10,
4%
+ 5,
6%
+ 12
,1%
+ 10
,1%
+7,3
%
+ 3,
4%
+ 10
,1%
+ 7,
6%
+5,0
%
+7,2
%
+ 4,
1%
+ 1,
4%
0
5,000
10,000
15,000
20,000
25,000
30,000
2004 2005 2006GROSS PROFIT EBITDA EBT EATAM
34
Free Cash Flow Free Cash Flow
2004 2005 2006 2007
Turnover 130 128 150 189
EBIT 14 6 14 17.9
Less: Adjusted Tax 3.1 2.2 4.4 3.5
NOPAT
Plus: Depreciation 1.4 1.6 1.5 1.8
Less: Change in Working Capital
Less: Capex
Cash Flow to the Firm (FCFF)
1.8 6.7 20 13.3
2.9 4.5 7.5 1.9
7.6 -6.3 -16.6 1.0
10.9 3.4 9.4 14.5
35
204.512
182.055
154.140158.996
50.000
70.000
90.000
110.000
130.000
150.000
170.000
190.000
210.000
230.000
2004 2005 2006 2007
AssetsAssets(000. €)
-1.6 %+3.2 %
-1.6 %+14.5 %
+12.3 %
36
46
3
84
55
17113
71
18
91
130
2
52
5
150
55
80
21
99
2007
2005
2006
Balance SheetBalance Sheet(mil. €)
EQUITY
NON CURRENT ASSETS
CURRENT ASSETS
OTHER SHORT TERM LIABILITIES
TOTAL BANK LIABILITIES
OTHER LONG TERM LIABILITIES
37
Key Consolidated figures & ratiosKey Consolidated figures & ratios2004 2005 2006 2007
SALES (000. €) 130,132 128,086 150,440
EBITDA (000. €) 15,697 7,169 15,260
EBIT (000. €) 14,288 5,561 13,761
EAT&MIN (000. €) 9,372 1,813 6,210
EPS ¢ 25 5 17
DPS 7 2 7
DIV YLD % 4.58% 1.15% 4.17%
P/E x 6.37 32.92 9.61
P/BV x 0.77 0.78 0.73
P/SALES x 0.46 0.47 0.40
P/EBITDA x 3.80 8.32 3.91
EV/EBITDA x 6.50 15.89 8.46
BANKS/ EQUITY x 0.63 0.73 0.87
x
189,345
19,696
17,936
9,557
26
6.24
0.67
0.32
3.03
7.01
0.90
2007*
PEG -0.41 0.04 0.12
168,274
17,532
16,021
9,557
26
6.24
0.67
0.35
3.40
5.38
0.65
0.12
10 10
6.25% 6.25%
¢
(*) Excluding STEEL CENTER SA operationsShare price € 1.60 (10/04/2008)BV=Total Equity-Minority Rights, Investment ratios computed with number of shares 37,296,000.
38
Shareholders Structure
ATHEX
Reuters
Bloomberg
ΚΑΛΣΚ
KALr.AT
Institutional7 %
Major Shareholders
60 %
KASIK GA
Trading Symbols
Share price and marketability
Average Share Price 2006 € 1.07
Average Share Price 2007 € 2.40
Listing on the ATHEX date 30/08/1990
Average Daily Volume 2006
Average Daily Volume 2007
Outstanding Shares 37,296,000
15,563
90,643
Equity listing detailsEquity listing details
Market Cap (10/4/2008) € 59.7 Mio
Free Float33 %
39
A.KALPINIS-N.SIMOS S.A. vs ATHEX
Share EvolutionShare Evolution
KASIK GA vs ATHEX1990-2007
KASIK GA. vs ATHEX2003-2007
KASIK GA. vs ATHEX1999-2007
KASIK GA. vs ATHEX01/01/2007-05/11/2007
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
30/8
/199
03/
7/19
9123
/4/1
992
9/2/
1993
24/1
1/19
9312
/9/1
994
29/6
/199
517
/4/1
996
4/2/
1997
24/1
1/19
9714
/9/1
998
2/7/
1999
17/4
/200
01/
2/20
0116
/11/
2001
12/9
/200
27/
7/20
0326
/4/2
004
31/1
/200
57/
11/2
005
28/8
/200
614
/6/2
007
3/4/
2008
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
VOLUME ATHEX A.KALPINIS- N.SIMOS
0
50
100
150
200
250
300
350
400
450
500
4/1/
1999
1/6/
1999
21/1
0/19
9915
/3/2
000
7/8/
2000
28/1
2/20
0025
/5/2
001
16/1
0/20
0111
/3/2
002
9/8/
2002
3/1/
2003
3/6/
2003
23/1
0/20
0319
/3/2
004
11/8
/200
428
/12/
2004
18/5
/200
55/
10/2
005
24/2
/200
625
/7/2
006
13/1
2/20
0611
/5/2
007
2/10
/200
722
/2/2
008
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
VOLUME ATHEX A.KALPINIS- N.SIMOS
0
50
100
150
200
250
300
350
400
450
2/1/
2003
14/3
/200
32/
6/20
0312
/8/2
003
22/1
0/20
037/
1/20
0418
/3/2
004
2/6/
2004
10/8
/200
418
/10/
2004
27/1
2/20
048/
3/20
0517
/5/2
005
26/7
/200
54/
10/2
005
13/1
2/20
0523
/2/2
006
12/5
/200
624
/7/2
006
3/10
/200
612
/12/
2006
26/2
/200
710
/5/2
007
20/7
/200
71/
10/2
007
10/1
2/20
0721
/2/2
008
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
VOLUME ATHEX A.KALPINIS- N.SIMOS
0
20
40
60
80
100
120
140
160
180
200
220
240
2/1/
2007
16/1
/200
730
/1/2
007
13/2
/200
728
/2/2
007
14/3
/200
728
/3/2
007
13/4
/200
727
/4/2
007
14/5
/200
729
/5/2
007
12/6
/200
726
/6/2
007
10/7
/200
724
/7/2
007
7/8/
2007
22/8
/200
75/
9/20
0719
/9/2
007
3/10
/200
7
17/1
0/20
07
31/1
0/20
07
14/1
1/20
07
28/1
1/20
07
12/1
2/20
07
28/1
2/20
0714
/1/2
008
28/1
/200
811
/2/2
008
25/2
/200
813
/3/2
008
1/4/
2008
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
VOLUME ATHEX A.KALPINIS- N.SIMOS
1 Key IssuesBusiness OverviewKey Investment HighlightsIndustry OverviewBusiness StrategyInvestment ThesisFinancial Overview
Appendix81
2
3
4
5
6
7
41
Consolidated Income StatementConsolidated Income Statement
Source: Annual Financial Statements
KEY FIGURES OF INCOME STATEMENT (in 000 €) 2005 2006
Turnover 128,086 150,440Gross Profit 14,865 24,863EBITDA 7,169 15,260EBIT 5,561 13,761EBT 4,312 11,496EATAM 1,813 6,210
PROFIT MARGINS (%) 2005 2006
Gross Profit 11.6% 16.5%EBITDA 5.6% 10.1%EBIT 4.3% 9.1%EBT 3.4% 7.6%EATAM 1.4% 4.1%
FIGURES EVOLUTION (%) 2005 2006
Turnover -1.6% 17.5%Gross Profit -39.0% 67.3%EBITDA -54.3% 112.9%EBIT -61.1% 147.5%EBT -67.2% 166.6%EATAM -80.7% 242.6%
2007
189,34529,71219,69617,93613,7959,557
2007
15.7%10.4%9.5%7.3%5.0%
2007
25.9%19.5%
29.1%30.3%20.0%53.9%
42
Consolidated Balance SheetConsolidated Balance Sheet
Source: Annual Financial Statements
(in 000 €)(in 000 €) 31/12/200731/12/200731/12/200531/12/2005 31/12/200631/12/2006
ASSETS
Non Current Assets 5546 52
Current Assets 150113 130
Total Assets 205159 182
LIABILITIES
Long Term Bank Liabilities 3337 30
Short Term Banks 4818 41
Other Short Term Liabilities 2017 18
EQUITY 9984 91
Total Equity & Liabilities 205159 182
Other Long Term Liabilities 53 2
43
Consolidated Cash FlowsConsolidated Cash Flows
Source: Annual Financial Statements
(in 000. €) (in 000. €) 20052005 20062006
Cash Flows from operating activities -4,721 -7,437
Cash Flows from investing activities -5,037 -7,459
Cash Flows from financing activities 5,252 14,796
FY Cash Flows (increase / decrease cash) -4,505 -101
20072007
-2,181
-3,943
6,001
-123
44
Disclosure StatementDisclosure StatementSome of the information in this presentation contains forward-looking statements within the meaning of securities laws. All forward-looking statements address matters that involve risk and uncertainties and there are many important risks. uncertainties and other factors that could cause the Company’s actual results, as well as those of the markets the Company serves, levels of activity, performance, achievements and prospects to differ materially from the forward-looking statements contained in this document. Further details of potential risks and uncertainties affecting KALPINIS SIMOS Group are described in the KALPINIS-SIMOS filings with the Athens Stock Exchange. These forward-looking statements speak only as of the date of this presentation.
The Company undertakes no obligation to publicly update or review any forward-looking statements. whether as a result of new information, future developments or otherwise.
45
Company ContactsCompany Contacts
A. Kalpinis - N. Simos S.A. Dillistirion Ave., Ag. Ioannis,
19300 Aspropyrgost. +30 210 5515000, f. +30 210 5515015
A. Kalpinis - N. Simos S.A. Dillistirion Ave., Ag. Ioannis,
19300 Aspropyrgost. +30 210 5515000, f. +30 210 5515015
Athanasios KalpinisC.E.O.
Τel. +30 2105515000e-mail: [email protected]
Athanasios KalpinisC.E.O.
Τel. +30 2105515000e-mail: [email protected]
Vasilis ManesisI.R.O.
Tel.+30 2105515000e-mail: [email protected]
Vasilis ManesisI.R.O.
Tel.+30 2105515000e-mail: [email protected]
Thank youThank you