Elevator Repair service Hellas group reported significant increases, which were higher than the initial estimates of Management, at its financial results for 2007 at both consolidated and parent company level.
Specifically, and according to the annual financial statements of 2007, which were compiled based on the International Financial Reporting Standards-IFRS, consolidated turnover amounted to 106,57 million Euros, against 85,47 million Euros in the equivalent period of 2006, reflecting an increase of 24,7%, and exceeding the initial estimates of the company for turnover equal to 97,80 million Euros.
Consolidates earnings before tax is increased by 12,6% and reached 16,94 million Euros against 15,05 million Euros of the previous year, while they are higher than the initial estimates of 15,90 million Euros. At the same time, consolidated earnings after tax and minority rights for the year 2007 came up to 11,98 million Euros against 11,26 million Euros for 2006.
Earnings before tax of the parent company reached the amount of 13,34 million Euros, against 11,09 million Euros the corresponding period of 2006, presenting an increase of 20,3%, which is higher that the initial estimates of the company for earning before tax equal to 12,30 million Euros.
According to the management of Kleemann Hellas, the significant enforcement at the financial figures of both the Group and the Parent Company is due to the evolution of subsidiary companies, to the further export growth of the listed company, and also to the launching of new products in the market
Management of Kleemann estimates for the for the current fiscal year consolidated turnover to be 115,0 million Euros, increased by 7,9% compared to 2007, and parent's turnover equal to 100,0 million Euros, increased by 5,0% in relation to the previous year. Regarding earnings before tax are considered to increase in comparison with 2007.
The planned productive investments of the 3-year period 2007-2009 are expected to surpass the amount of 16 million Euros. Investing policy of the Group concerns manufacturing of new industrial building facilities, acquisition of advanced technological machinery, acquisition of computer and information systems, installation of systems for saving energy, evolution of an innovative system for electronic sales, acquisition of up to date systems for inventories management.
In the above budget is included the construction of a high trial tower which will help the evolution of high velocity and long-distances elevating systems. The total amount for the realization of the project is estimated to reach 4 million Euros, from which amount of 1.970.000 Euros has been included in the provisions of Elevator Repair and its subsidy has approved by the competent bodies with a percentage of 35 %.