Annual results 2005

Income Statement 31/12/2005 - 31/12/2004
Consolidated, audited key figures

(12 months)

(12 months)

Revenue

223,9

213,8

4,71%

EBIT

11,9

9,9

19,53

Cash flow from operations (EBITDA)(1)

19,6

15,7

24,90%

Financial result

-3,8

-3,8

-1,78

Profit before taxes

8,0

6,2

30,40%

Taxes

-3,0

-2,0

-50,05%

Result equity method

0,1

0,0

N/A

Net income (Group share in the profit)

5,1

4,2

23,68%

Profit after taxes

5,1

4,2

23,68%

Net cash flow (2)

12,9

9,9

29,75%

Balance sheet as of 31/12/2005 - 31/12/2004
Consolidated, audited key figures

(12 months)

(12 months)

Equity

48,7

48,9

-0,37%

Net financial debt

39,3

23,8

64,60%

Total assetsl

175,8

143,5

22,52%

Consolidated, audited key figures per share

(12 months)

(12 months)

Cash flow from operations (EBITDA)(1)

2,37

1,90

24,74%

Profit before taxes

0,97

0,74

31,08%

Net income (Group share in the profit)

0,62

0,50

24,00%

Profit after taxes (EPS)

0,62

0,50

24,00%

Net cash flow (2)

1,56

1,20

30,00%

Equity

5,90

5,92

-0,34%

Number of shares (end of period)

8.264.842

8.264.842

Number of shares (average)

8.264.842

8.264.842

(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 net cashflow is the current profit after taxes excluding depreciations, amounts written down on stocks, trade debtors and provisions for liabilities and charges.