ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYRIOU KON/NOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS

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2 AVRAMIDIS PANAGIOTIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ANAGNOSTOPOULOS THODOROS ANAGNOSTOU KONSTANTINOS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS ILIAS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYRIOU KON/NOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS GIARENTIS IOANNIS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOPOULOS CHRISTOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI IOAKEIMIDIS DIMITRIOS KALAVROS STAVROS KALOGERAKIS EMMANOUIL KALOGRIDIS PANTELIS KALOPISIS IOANNIS KAMMAS IOANNIS KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KANELLAKIS SOTIRIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARLE EVANGELIA KARRAS SPYRIDON KATSATSOS MARIOS KATSOULAKIS IOANNIS KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKONOGLOU CHRISTOS KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KORAKIS CHRISTOS KOUKOULAKI CHRISTINA KOUMANTAROPOULOS DIMITRIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LEIVADARAS GEORGIOS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MAVRAKIS ALEXANDROS MITRAKI GIOTA MITRAKI SOFIA MICHALOUTSOS MICHAIL MOULIAS SPYROS BAIAIS ARISTEIDIS BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS MYLONIDOU ELENI NIZAMIS KONSTANTINOS NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS OIKONOMOU THOMAS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PISIMISIS THEODOROS PLAKAKIS PETROS POLYCHRONIS PANAGIOTIS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS RAPPOS GEORGIOS RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS SOFRONIS GEORGIOS STAVRIANOU PLOUMI STOGIANNOU SOFIA STRATAKI EVANGELIA TZIALAS NIKOS TOMPOULOGLOU AIKATERINI TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FRADELAKI PINELOPI FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS AVRAMIDIS PANAGIOTIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ANAGNOSTOPOULOS THODOROS ANAGNOSTOU KONSTANTINOS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS ILIAS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYRIOU KON/NOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS GIARENTIS IOANNIS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOPOULOS CHRISTOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI IOAKEIMIDIS DIMITRIOS KALAVROS STAVROS KALOGERAKIS EMMANOUIL KALOGRIDIS PANTELIS KALOPISIS IOANNIS KAMMAS IOANNIS KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KANELLAKIS SOTIRIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARLE EVANGELIA KARRAS SPYRIDON KATSATSOS MARIOS KATSOULAKIS IOANNIS KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKONOGLOU CHRISTOS KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KORAKIS CHRISTOS KOUKOULAKI CHRISTINA KOUMANTAROPOULOS DIMITRIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LEIVADARAS GEORGIOS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MAVRAKIS ALEXANDROS MITRAKI GIOTA MITRAKI SOFIA MICHALOUTSOS MICHAIL MOULIAS SPYROS BAIAIS ARISTEIDIS BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS MYLONIDOU ELENI NIZAMIS KONSTANTINOS NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS OIKONOMOU THOMAS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS

3 REVIEW The year 2012 proved to be much more challenging than The markets served by the Group suffered a further decline of around 30%. Nevertheless, Group sales closed at 50 million, down only 21% from 2011, mainly due to the relatively greater impact of sales in sectors that suffered a lesser decline (proving once again the benefit of the Group s diversification), but also due to an increase in market share. Losses from operations after taxes amounted to 2.2 million, compared to losses of 1.8 million in The Group s results were further burdened with losses from revaluation of investment property by 3.4million. Management is pleased to have kept losses to this level throughout unprecedented market conditions, and is striving to at least zero out losses for The Group s pricetobook value (P/BV) was at an alltime low of approximately 0.4 (closing price on 15/3/2013). The capital adequacy ratio (Equity as a percentage of Total Assets without Cash and Cash Equivalents) remained at a high level of 45,4% despite the impairment of the Group s property fair value (used by the Group and investment) by about 8,4 million in accordance with the valuation conducted at the end of NEW ACTIVITIES Starting in October 2012, the Company became the official importer for Jaguar in Greece. The commencement of the new Jaguar activity was part of the strategy of the british Jaguar and Land Rover plant to consolidate its distribution network for these two makes on a global level. Efforts to expand the Group s activities continue in 2013 in order to compensate for sales lost as a result of the recession. JAGUAR INVESTMENTS Investments of 0.3 million were made in 2012, mainly in equipment, building improvements and the installation of a photovoltaic station to cover a portion of the Group s annual energy needs. In 2013, Group management will postpone investments that are not absolutely essential under the present circumstances. In 2012, the Company observed its 90year continuous presence in the Greek automotive industry. It is notable that during this period, it survived the Asia Minor Disaster of 1922, the Stock Market Crash of 1929, World War II, the Depression, the Civil War and periods of great inflation, devaluation of the drachma and the high interest rates of the 1980s. We are optimistic that with its strong capital adequacy, its modern system of management, the outstanding executive staff and its capable and loyal networks, the Group will survive this major economic crisis. The Board of Directors would like to thank and congratulate the Group s employees and all of its associates for the patience and perseverance they have shown during these trying times. C. P. Petropoulos Chairman of the Board of Directors J. P. Petropoulos Vice Chairman & Managing Director 1

4 To measure is to improve LORD KELVIN BOARD OF DIRECTORS CONSTANTINE P. PETROPOULOS JOHN P. PETROPOULOS GEORGE A. DAVID NIKOLAOS M. EBEOGLOU EFSTATHIOS E. PAPAGEORGIOU JOHN N. FILIOTIS JOHN M. KATSOURIDIS Chairman Executive Member Vice Chairman & Managing Director Executive Member Independent non Executive Member Chairman of the Corporate Social Responsibility Committee Independent non Executive Member Chairman of the Nominations Committee Independent non Executive Member Chairman of the Audit Committee Independent non Executive Member Chairman of the Executive Evaluation and Compensation Committee Independent non Executive Member GEORGE P. DRAKOS Independent non Executive Member The Board of Directors was elected by the Annual General Meeting of Shareholders on April 14, 2008 for a five year term. It holds four major meetings per year. The December meeting is devoted to approving the Business Plan and the Company s strategy for the next year. The April, July, and October meetings deal with the progress of the Business Plan and longterm issues. SALES TO AVERAGE OPERATING CURRENT ASSETS WITHOUT REAL ESTATE & END USER FINANCE MILLION EUROS 63,7 50,2 31/12/11 31/01/12 01/03/12 01/04/12 01/05/12 01/06/12 01/07/12 01/08/12 01/09/12 01/10/12 01/11/12 01/12/12 S A L E S ASE INDEX S T O C K P R I C E PETRO 2

5 Natura non facit saltum ALFRED MARSHALL PETROS PETROPOULOS GROUP FINANCIAL HISTORY (IN THOUSAND ) Total Sales Invoiced Sales Gross Profit (Percent of Invoiced Sales) Other Income Marketing and Administrative Expenses (Percent of Invoiced Sales) Depreciation Included Operating Profit (Percent of Invoiced Sales) Νet Financial Expense Foreign Exchange Gain (Loss) Net Profit / (Losses) Before Tax Income from Good Will of Aquisitions (Percent of Invoiced Sales) Income Tax Net Profit / (Losses) After Tax Losses for Εvaluation of Ιnvestments Property 50,181 50,072 9,518 (19.0%) 1,411 (12,009) (23.9%) 1,533 (1,080) (1,617) (37) (2,734) 485 (2,249) (3,375) 63,731 63,311 12,922 (20.4%) 1,157 (14,633) (23.1%) 1,525 (554) (1,267) 11 (1,809) 6 (1,803) 74,027 73,618 15,549 (21.1%) 1,962 (15,692) (21.3%) 1,257 1,819 (2.5%) (957) ,414 (5.8%) (1,083) 3,212 83,126 82,859 15,975 (19.3%) 1,164 (12,487) (15.0%) 728 4,652 (5.6%) (1,463) 13 3,202 (3.9%) (1,109) 2, , ,884 21,668 (19.2%) 2,198 (15,211) (13.5%) 731 8,655 (7.6%) (2,773) 21 5,903 (5.2%) (1,351) 4,552 BALANCE SHEET ITEMS (As at 31 December) Fixed & Long Term Assets Current Assets Cash & Securities Total Assets Short Term Liabilities Long Term Liabilities Net Worth 36,058 31,516 8,551 76,123 26,326 19,101 30,696 46,662 46,648 5,747 93,310 29,516 23,461 40,333 49,166 49,515 5,701 98,681 29,530 26,291 42,860 41,693 49,506 17,449 91,199 32,869 17,903 40,427 42,590 53,976 2,063 96,566 31,434 25,424 39,708 EMPLOYMENT ITEMS Average Number of Employees Total Cost Redundancy Compensation Net Total Cost Company Social Security Payments 134 6, ,571 1, , ,048 1, , ,915 1, , ,748 1, ,327 1,308 KEY RATIOS Solvecy 12/31/12* Current Ratio Total Employment Cost Per Person Sales Per Employee Weighted Average Number of Shares Earnings / (Losses) per Share after Tax Dividend per Share Capital Return per Share 45% ,999,341 (0.80) 46% ,999,341 (0.26) 46% ,034, % ,036, % ,049, * Equity as % of Total Assets without Cash and Securities 3

6 TRUCK & BUS BUSINESS UNIT SCANIA ISUZU KOGEL ALLISON GETMAN The new truck market declined significantly over Only 85 trucks over 16 tonnes were, registered. Scania maintained its market share at a higher level than the share the brand holds in Europe, 14,1% and 12,5% respectivly. The Economic Porfit of the Unit was negative due to the low volume of the greek market. Longhaul Scania trucks maintain their leading position on the Greek market, with a share in excess of 30%. The bus market shrank further, as only five 50seater buses were registered for the year. The new Scania Touring bus, ideal for intercity routes, was introduced in early 2012, and was the result of a partnership between Scania and Higer. The midibus market also showed a further decline. Sales of Isuzu Polis followed the generally downward market trend. The new Isuzu Citibus, a 9.5 metre, lowfloor urban bus suitable for the needs of Greece s municipalities, was introduced in Scania and Isuzu are worldwide leaders in diesel engine fuel economy and carbon emission technologies. Scania sets high environmental standards for all its authorized workshops in Greece and worldwide. ACTIVITIES Marketing, distribution, modification, superstructures, technical support for Scania trucks and buses, Isuzu buses, Getman earthmoving equipment, Allison automatic transmissions, Kögel trailer and semitrailer vehicles. CUSTOMERS International and national transport companies, public utilities, local authorities, public works contractors, mines, quarries and the Armed Forces. 4

7 ISUZU BUSINESS UNIT Pickup Trucks The pickup truck market experienced a further decline of 48% from Sales of the Isuzu Business Unit were down, along with Economic Profit, but the Isuzu DMax retained its third place position in sales for its class. In Bulgaria, Isuzu s position improved, despite the stagnant market, as a result of fleet sales to major corporate customers. ISUZU The launching of the new DMax in Greece and Bulgaria in June and October, respectively, boosted sales in the second half of the year. The new DMax with a Euro 5 engine is a fully revamped pickup with stateoftheart antipolluting technology that allows it to move freely, even within the green zone in the Athens city centre, while retaining its heavyduty professional character. The Business Unit s promotional efforts once again relied on direct contact with customers and their needs, as well as on electronic means of communication, while emphasising Isuzu s relationship with high technology. For 2013, the simultaneous release of Euro 4 models and new Euro 5 models will boost sales and reverse the unprofitable results of Trucks Sales of Isuzu NSeries light trucks from 3.5 to 8 tonnes rose significantly as compared to 2011, and their market share came to 24%, which marks Isuzu s best performance during its presence in Greece. The introduction of even stricter laws to limit the circulation of polluting trucks in Attica and the subsidisation of related professions will further bolster newtruck sales and will help Isuzu retain its high position of preference among professionals. Distribution of trucks in Bulgaria continues, along with efforts to expand the network to cover even more regions. Isuzu is a leader worldwide in diesel engine fuel economy and exhaust gas emission technologies. ACTIVITIES Distribution, marketing and technical support of Isuzu pickup and light trucks. CUSTOMERS Farmers, professionals, distribution companies, construction companies and the Public Sector. NETWORK The authorized dealer network is comprised of 44 dealers, 47 workshops and 53 sales points throughout Greece. 5

8 JAGUAR LAND ROVER BUSINESS UNIT JAGUAR LAND ROVER The luxury car market declined by 46% compared to Sales of Land Rover and Range Rover models incresead, but the disposal of old car inventories had a negative effect in the Unit's Economic Profit. The Business Unit s key goal for 2012 was to stabilise the brand on the greek market and to improve aftersales support services for both the Land Rover authorised dealer network and retail customers. Jaguar s incorporation into the Business Unit in 2013 completed the consolidation of the british manufacturer s brands on the Greek market. This will directly help the Unit increase its turnover, while the consolidated networks will contribute to the exploitation of synergies and economies of scale of both makes and will help improve the existing level of services provided to Jaguar and Land Rover owners. The new Range Rover Classic has been available since early 2013 and will be introduced in Greece along with the new Jaguar FType model in spring. In addition, the completely new aluminium Range Rover Sport, a model with the highest sales in recent years, will be launched during the second half of the year. These two models, combined with the 2litre Land Rover Freelander and the Range Rover Evoque, will contribute significantly to the increased sales and market share of this Business Unit. The ability of Land Rover & Range Rover vehicles in traversing even the most inaccessible territories is vital to the work of our groups to conserve and protect the natural environment around the world. Furthermore, the Land Rover s commitment through the Fragile Earth program is a global pledge which aims to ensure that our actions have minimal environmental impact. ACTIVITIES Sales and distribution of Jaguar, Land Rover & Range Rover cars and Jaguar, Land Rover, Range Rover & MG parts. CUSTOMERS Authorised network of sales and service representatives for Jaguar, Land Rover & Range Rover cars. NETWORK The authorised dealer network consists of 9 dealers, 1 point of sale and 8 repair workshops throughout Greece. 6

9 PETROGEN BUSINESS UNIT PETROGEN F.G. WILSON KOHLER EXIDE The generating set market continued its downward course in 2012 for the fourth consecutive year. The Business Unit s sales were reduced, along with its Economic Profit. Nevertheless, Petrogen generators improved their market share, mainly due to the departure of competitors and the high level of recognition these products enjoy. Among other things in 2012, two generating sets of 1600 kva were delivered to the University of Crete, one genset of 1875 kva was delivered to the Olympiada mines in Halkidiki, one genset of 1375 kva went to a hotel complex in Kos, and one genset of 1100 kva was delivered to the Viohalko Group s Elval plant. The Business Unit has an organised network of authorised dealers providing technical support for generating sets and uninterruptible power sources (UPS) all over Greece and ensures that they receive regular training to continue providing excellent customer service. The excellent after sales support the Petrogen Unit provides anywhere in Greece for generating sets and UPS constitutes its comparative advantage and a guarantee of future profits. The Unit is also active in sales and support of GNBExide Technologies industrial batteries, UPS and voltage stabilisers. In 2012, it completed successfully the delivery of industrial batteries to the Hellenic Telecommunications Organisation (OTE). For 2013, the Petrogen Business Unit will focus on maintaining its lead position on the greek market, as well as on expanding its exports to neighbouring Balkan countries. It should be noted that in 2012, about 10% of Petrogen generating set sales were to customers or for projects outside of Greece. ACTIVITIES Manufacturing, marketing, distribution and technical support for Petrogen generating sets from 2 to 2,200 kva, Exide industrial batteries and UPS. CUSTOMERS Manufacturing and construction companies, retailers, banks, telecommunication companies, shipping, hotels, hospitals, the Armed Forces, consumers and the Public Sector. NETWORK A network of 30 authorized service dealers operates throughout Greece. 7

10 ENGINES AND BOATS BUSINESS UNIT Outboard Motors The outboard motor market, an indicator of the marine leisure sector, continued its downward course in 2012, declining by 38%. However, the Business Unit s sales and market share increased. The Business Unit supplies the greek market with Evinrude ETec outboard motors whose main advantages include their low weight, great torque, reliability, low emissions and ease of use (with no scheduled maintenance required for 3 years or 300 hours of operation). In 2012, the Engines & Boats Business Unit began to distribute Tohatsu outboard motors in Greece and managed in a short period to achieve its market share targets. Tohatsu engines represent a full range of fourstroke engines from 2.5 hp to 30 hp, as well as stateoftheart TLDI twostroke direct injection engines from 30 hp to 115 hp. Boats Sales of Zodiac, Bombard and Avon boats followed the downward course of marine recreation products, but increased their market share. The addition of Tohatsu is expected to increase boat sales by promoting boats packaged with Tohatsu engines. Personal Watercraft (PWC) The personal watercraft (PWC) market declined by 53% in Sea Doo sales followed the trend, but showed improvement in market share. The Sea Doo product range differs significantly from the competition as its models include a suspension and braking system that provides a comfortable ride and greater safety. AllTerrain Vehicles (ATV) The Unit also distributes Bombardier CanAm all terrain vehicles (ATV), the threewheel Spyder and the new sidebyside Maverick and Commander in Greece. Diesel & Gasoline Engines Sales of diesel engines for marine and industrial use also declined in 2012, mainly because of limited investments. ETEC outboard motors are leaders in fuel economy and emission technologies. ACTIVITIES Distribution, modification and technical support for Johnson, Evinrude and Tohatsu outboard motors, SeaDoo personal watercraft, CanAm ATV, Spyder motorcycles, Zodiac, Avon and Bombard boats, marine engines, marine generating sets & industrial engines. PERKINS LOMBARDINI MARINE LOMBARDINI SCANIA ISUZU BRIGGS & STRATON BOMBARDIER JOHNSON EVINRUDE TOHATSU CANAM SEADOO SPYDER ZODIAC BOMBARD AVON CUSTOMERS Consumers, boatyards, importers of power boats, fishermen, fish farms, pleasure craft owners, equipment manufacturers and dealers, farmers and the Public Sector. NETWORK A network of 70 dealers operates throughout Greece. 8

11 McCORMICK BUSINESS UNIT McCORMICK The agricultural machinery market continued its downward trend in Only 543 tractors were sold in the year, 47% down from 2011, which marks the lowest level of sales in recent decades. The decline in the market is largely attributable to a drop in demand due to the economic crisis, and to delays in activating Community Support Framework programmes (CSF). The McCormick Business Unit is in a difficult climate and in 2012 saw a drop in sales as well as a slight reduction of its market share as compared to McCormick tractors are available in a full range of horsepower, from 45 to 280 hp, for all kinds of applications. The new X60 models, ranging from 90 hp to 115 hp, as well as the X70 from 160 hp to 280 hp, include tractors with advanced technology engines and transmissions to meet all farming needs. A slight increase in the market is anticipated for 2013 due to CSF programmes expected to be approved in the first quarter of the year. The Business Unit will focus its efforts on increasing market share and improving its Economic Profit. ACTIVITIES Marketing, distribution and technical support of McCormick agricultural tractors. CUSTOMERS Farmers, livestock units, the Public Sector and local authorities. NETWORK A network of 45 authorized dealers operates throughout Greece. 9

12 INDUSTRIAL EQUIPMENT BUSINESS UNIT Reduced investments in industry, a market in which this Business Unit is mainly active, continued in The compressed air systems market dropped further over 2011, while Business Unit sales declined both in quantity and value. The Unit s Economic Profit also declined substantially. In 2013, the Business Unit will be focusing on the greek market in order to improve its share, capitalising on the capabilities of integrated compressed air system solutions by IngersollRand. INGERSOLL RAND PUREGAS The commencement of NSRF programmes within the year may also kickstart investment in industry and trade in general, which would have a positive effect on Unit sales. IngersollRand Nirvana compressors are leaders in energy economy. ACTIVITIES Marketing, distribution, modifications, packaging and technical support for IngersollRand air compressors, air tools and Puregas pressurization systems. CUSTOMERS Manufacturing industry, commerce, shipping companies, shipyards and telecommunication companies. 10

13 OSTREA BUSINESS UNIT SHELL LUBRICANTS The continuing economic recession in Greece led to a further decline in the lubricant market, which shrank a further 10% compared to All sectors of the domestic market suffered a drop, with the greatest decrease seen in vehicle lubricants and in construction, while industry and shipping showed a relatively smaller decline. The Business Unit s sales decreased, but Shell lubricants manage to achieve positive Economic Profit. The Unit s goal for 2013 is to bolster its market share in Greece while also achieving a positive Economic Profit and minimising potential credit risks. PMS Business Centre EXIDE & HANKOOK BATTERIES The overall automotive and boat battery market showed further decline in 2012, as compared to Business Unit sales increased significantly, helping the market share held by Exide and Hankook batteries in Greece to grow, while also achieving an Economic Profit. The Unit continues its successful exports to Cyprus and F.Y.R.O.M., while it also entered into a partnership with an official distributor in Albania and is considering expanding into other markets in the Balkans. The Unit s goal for 2013 is to bolster the battery market share of the greek market and markets abroad, but also to realise a positive Economic Profit. The Company is an active member in the Systems of Lubricants and Packaging Recycling as well as of Battery Recycling (SY.DE.SYS.). ACTIVITIES Trade and distribution of Shell lubricants, Exide and Hankook batteries. CUSTOMERS Authorised repair workshops, car importers, automotive industry, lubricantbaterryspare parts resellers, the construction sector, quarrying, the cement sector, metal fabrication, the public sector, shipping, aviation, energy generation, private customers. NETWORK Dealer network of more than 1000 sales points throughout Greece. 11

14 SUMMARY CONSOLIDATED BALANCE SHEET (IN THOUSAND ) ASSETS CURRENT ASSETS Inventories Accounts Receivable Other Receivables Cash & Securities TOTAL NON CURRENT ASSETS Intangible Assets Tangible Assets Investments in Real Estate Accounts Receivable Other Long Term Assets Deferred Taxes TOTAL TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Short Term Bank Debt Suppliers & Other Liabilities Current Income Tax Payable Customer Advances Other Taxes Payable Sundry Creditors Other Short Term Liabilities TOTAL LONG TERM LIABILITIES Long Term Bank Debt Deferred Taxes Staff Retirement Benefits Provisions Other Long Term Liabilities Income Tax Provisions TOTAL Share Capital Reserves Profit Carried Forward TOTAL NET WORTH ATTRIBUTED TO SHAREHOLDERS Minority Rights TOTAL NET WORTH TOTAL LIABILITIES ,287 19,181 2,047 8,551 40,066 2,152 18,659 9,504 3,526 1, ,057 76,123 14,043 7, , , ,326 17, ,101 6,575 14,667 9,454 30, ,696 76, ,099 24,935 4,867 5,747 46,648 2,961 24,469 12,879 4,637 1, ,662 93,310 13,447 9, , , ,516 20,020 1,341 1, ,461 6,575 18,663 15,095 40, ,333 93,310 12

15 CONSOLIDATED PROFIT & LOSS STATEMENT (IN THOUSAND ) TOTAL SALES INVOICED SALES Less: Cost of Goods Sold Gross Profit Plus: Other Operating Income TOTAL GROSS PROFIT AND OTHER OPERATING INCOME Less: General and Administrative Expenses Sales Expenses Other Expenses TOTAL OPERATING EXPENSE OPERATING PROFIT Plus: Financial Income Less: Financial Charges NET FINANCIAL CHARGES NET PROFIT BEFORE TAX Less: Income Tax Losses for Εvaluation of Ιnvestments Property NET PROFIT AFTER TAX Depreciation Included in Expenses Profit Attributable to: Company s Shareholders Minority Shareholders Earnings / (Losses) Per Share After Tax ,181 50,071 (40,554) 9,517 1,629 11,146 (3,317) (8,692) (254) (12,263) (1,117) 697 (2,314) (1,617) (2,734) 485 (3.375) (5,624) 1,533 (5,624) 0 (0.80) ,731 63,311 (50,388) 12,923 2,338 15,261 (3,326) (11,307) (1,170) (15,803) (542) 1,129 (2,396) (1,267) (1,809) 6 0 (1,803) 1,525 (1,803) 0 (0.26) NOTES 1. The consolidated financial statements of the Group of Companies led by Petros Petropoulos AEBE include the following companies: LYPA INTERNATIONAL AEBE, SEMKA EPE, AEGEM AEBE, all based in Athens, equity participation 100% in all cases. PI SQUARE LTD based in Cyprus, equity participation 100%, PETROSYS SA based in Athens, equity participation 99.96% and PETROMOTOR BULGARIA EOOD, based in Sofia, equity participation 100%. 2. The number of employees at the end of fiscal year 2012 was 120. AUDITORS REPORT Type of Auditor s Report: Unqualified opinion. 13

16 AVRAMIDIS PANAGIOTIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ANAGNOSTOPOULOS THODOROS ANAGNOSTOU KONSTANTINOS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS ILIAS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYRIOU KON/NOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS GIARENTIS IOANNIS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOPOULOS CHRISTOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI IOAKEIMIDIS DIMITRIOS KALAVROS STAVROS KALOGERAKIS EMMANOUIL KALOGRIDIS PANTELIS KALOPISIS IOANNIS KAMMAS IOANNIS KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KANELLAKIS SOTIRIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARLE EVANGELIA KARRAS SPYRIDON KATSATSOS MARIOS KATSOULAKIS IOANNIS KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKONOGLOU CHRISTOS KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KORAKIS CHRISTOS KOUKOULAKI CHRISTINA KOUMANTAROPOULOS DIMITRIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LEIVADARAS GEORGIOS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MAVRAKIS ALEXANDROS MITRAKI GIOTA MITRAKI SOFIA MICHALOUTSOS MICHAIL MOULIAS SPYROS BAIAIS ARISTEIDIS BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS MYLONIDOU ELENI NIZAMIS Our values: KONSTANTINOS NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS OIKONOMOU THOMAS ONOPAS RESPECT FOR AND TRUST IN THE INDIVIDUAL DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS KEEP THE PROMISE PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PIALOGLOU LAZAROS FAIR CHAMPIONSHIP PIPPOS VASILEIOS PISIMISIS DIMITRIOS PISIMISIS THEODOROS PLAKAKIS PETROS POLYCHRONIS PANAGIOTIS POULAKIDA OURANIA ZERO WASTE PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS RAPPOS GEORGIOS RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS SOFRONIS GEORGIOS STAVRIANOU PLOUMI STOGIANNOU SOFIA STRATAKI PRUDENCE EVANGELIA TZIALAS NIKOS TOMPOULOGLOU AIKATERINI TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FRADELAKI PINELOPI FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS AVRAMIDIS PANAGIOTIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ANAGNOSTOPOULOS THODOROS ANAGNOSTOU KONSTANTINOS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS ILIAS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYRIOU KON/NOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS GIARENTIS IOANNIS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOPOULOS CHRISTOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI IOAKEIMIDIS DIMITRIOS KALAVROS STAVROS KALOGERAKIS EMMANOUIL KALOGRIDIS PANTELIS KALOPISIS IOANNIS KAMMAS IOANNIS KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KANELLAKIS SOTIRIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARLE EVANGELIA KARRAS SPYRIDON KATSATSOS MARIOS KATSOULAKIS IOANNIS KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKONOGLOU CHRISTOS KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KORAKIS CHRISTOS KOUKOULAKI CHRISTINA KOUMANTAROPOULOS DIMITRIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LEIVADARAS GEORGIOS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MAVRAKIS ALEXANDROS MITRAKI GIOTA MITRAKI SOFIA MICHALOUTSOS MICHAIL MOULIAS SPYROS BAIAIS ARISTEIDIS BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS MYLONIDOU ELENI NIZAMIS KONSTANTINOS NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS OIKONOMOU THOMAS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS

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