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Heracles Group Analysts’ Day - 12 th April 2006

Heracles Group Analysts’ Day - 12 th April 2006. Agenda. Highlights 2005 Financial & Market Overview Financial Performance. Highlights 2005. Domestic market decline lower than expected Better market conditions for exports Increased fuel prices affected operating margin

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Heracles Group Analysts’ Day - 12 th April 2006

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  1. Heracles GroupAnalysts’ Day - 12th April 2006

  2. Agenda • Highlights 2005 • Financial & Market Overview • Financial Performance

  3. Highlights 2005 • Domestic market decline lower than expected • Better market conditions for exports • Increased fuel prices affected operating margin • 44.1 million € refunded by Greek State • Positive net tax effect of 50.3 million € from property revaluation • Full compliance with Sarbanes Oxley Act • Acquisition of ATLAS S.A. (Aggregates)

  4. Financial Overview

  5. Market Overview • Historical growth due to the Olympic Games construction projects • Solid future evolution driven mainly by private housing • One of the highest per capita consumptions worldwide, driven by • Significant use of concrete in the buildings • Housing & real estate viewed as a solid investment • Potential for summer housing / secondary housing for Northern Europeans • Infrastructure still lagging behind European standards

  6. Heracles is the market leader Ready Mix concrete producers consume two thirds of the total cement supplies Market Shares – Customer Structure

  7. Heracles Sales Breakdown: Domestic / Exports • Domestic sales are expected to absorb the majority of our production • Exports (cement& clinker) will cover the rest of our production capacity

  8. Profit & Loss Evolution

  9. Sales Variance Analysis 2005 vs 2004 • Cement market decreased by 3% due to the finalization of Olympic projects and the reduction of public spending • Exports volume increased by 8% thanks to higher production availability (lower domestic sales ) • Domestic selling prices increased gradually by 4,8 % (1 general increase and 4 targeted increases) • Export selling prices increased by 15% thanks to better market conditions

  10. NPAT Variance Analysis 2005 vs 2004 • Cost of sales adversely affected by increased prices in fuels • Greek State refund 44.1m € recorded as exceptional income • Deferred tax positively affected by property revaluation for tax purposes

  11. Fuel Prices Evolution

  12. Balance Sheet Evolution

  13. Bank Loans Evolution

  14. Shares Indicators

  15. Profitability Indicators

  16. Working Capital Indicators

  17. Cash Flow 2005

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