Annual results 2004

Income Statement 31/12/2004 - 31/12/2003
Consolidated, audited key figures

(mln euro)

31/12/2004
(12 months)

31/12/2003
(12 months)

Change

Turnover

220,6

200,5

10,02%

EBIT

10,1

9,2

9,78%

Cash flow from operations (EBITDA)(1)

15,6

16,7

-6,59%

Financial result

-5,0

-6,0

16,67%

Current profit before taxes

5,1

3,1

64,52%

Extraordinary result

0,0

-0,7

100%

Result of the year before taxes

5,1

2,4

112,5%

Taxes

-2,0

-1,3

53,85%

Result equity method

0,0

0,0

N/A

Net income (Group share in the profit)

3,0

1,1

172,73%

Current profit after taxes (2)

4,3

2,8

53,57%

Net cash flow (3)

9,9

10,3

-3,88%

Equity

49,1

46,9

4,69%

Net financial debt

23,8

31,9

-25,39%

Total assets

139,9

141,2

-0,92%

Consolidated, audited key figures per share

(euro)

31/12/2004
(12 months)

31/12/2003
(12 months)

Change

Cash flow from operations (EBITDA)(1)

1,89

2,02

-6,44%

Current profit before taxes

0,62

0,38

63,16%

Current profit after taxes (EPS)(2)

0,52

0,34

52,94%

Net income (Group share in the profit)

0,36

0,13

176,92%

Net cash flow (3)

1,20

1,25

-4,00%

Equity

5,94

5,67

4,76%

Number of shares (end of period)

8.264.842

8.264.842

0,00%

Number of shares (average)

(1) EBITDA = earnings before interest, taxes, depreciation and amortization; This is operating profit plus depreciation and amounts written down on stocks, trade debtors and provisions for liabilities and charges.
(2) The current profit after tax is the net profit excluding extraordinary gains and losses (both adjusted for taxes) and ixcluding goodwill amortization.
(3) The net cashflow is the current profit after taxes excluding depreciations, amounts written down on stocks, trade debtors and provisions for liabilities and charges.