VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENI-

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2 AVRAMIDIS PANAGIOTIS AGIANAZOGLOU KONSTANTINOS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ANAGNOSTOPOULOS THODOROS 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 MELPOMENI MARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS GIARENTIS IOANNIS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA 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 KALOPISIS IOANNIS KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KANELLAKIS SOTIRIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARLE EVANGELIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KOUKOULAKI CHRISTINA KOUMANTAROPOULOS DIMITRIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA MOULIAS SPYROS BAIAIS ARISTEIDIS BAROUTIS VASILEIOS BELLOS NIKOLAOS BENEKOS APOSTOLIS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI 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 POTHITOS KONSTANTINOS POLYCHRONIS PANAGIOTIS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS 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 FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS AVRAMIDIS PANAGIOTIS AGIANAZOGLOU KONSTANTINOS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ANAGNOSTOPOULOS THODOROS 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 MELPOMENI MARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS GIARENTIS IOANNIS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA 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 KALOPISIS IOANNIS KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KANELLAKIS SOTIRIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARLE EVANGELIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KOUKOULAKI CHRISTINA KOUMANTAROPOULOS DIMITRIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA MOULIAS SPYROS BAIAIS ARISTEIDIS BAROUTIS VASILEIOS BELLOS NIKOLAOS BENEKOS APOSTOLIS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI 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 POTHITOS KONSTANTINOS POLYCHRONIS PANAGIOTIS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS

3 REVIEW The spiraling decline in markets served by the Company was slowed in 2013, with the exception of the pickup truck market which dropped by another 34% over Certain markets expanded, such as agricultural tractors (100%) and heavyduty trucks (50%). Company sales increased by approximately 10% to 55 million, bolstered by exports and an increased share of the Greek market. After tax profits form operations amounted to million. The great improvement over 2012, (losses of 5.9 million, of which 3.4 million were losses from revaluation of investment property), is due both to increased sales and to the effective control of expenditures. The Group s pricetobook value (P/BV) was 0.46 (closing price on 19/3/2014). The Group s capital adequacy also improved, rising to 51.4% NEW ACTIVITIES In late 2013, the Company took over the distribution of Landini tractors, as well as Gallignani balers and Celli tillers. Through this expanded product line, the Agricultural Equipment Business Unit is expected to recover its profitability. The pursuit of additional options to enrich the Company s activities will continue in 2014 as it endeavours to further strengthen sales and profitability. Landini INVESTMENTS Investments amounted to approximately 160,000, mainly in operational and demonstration vehicles. Investments of about 225,000 are being planned for 2014, mainly for building improvements and software. Through the chaos that has prevailed over recent years, the Company has managed to resume its sustainable and profitable growth patterns. This is mainly thanks to its personnel and its partners, who have worked throughout this period with zeal, professionalism and selfsacrifice. 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 GEORGE P. DRAKOS STEFANOS MANOS MICHALIS MICHALOUTSOS 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 Independent non Executive Member Independent non Executive Member Independent non Executive Member The Board of Directors was elected by the Annual General Meeting of Shareholders on April 18, 2013 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. 5,75% 6,30% 6,00% % PER ANNUM 4,7% 4,9% 4,5% 4,5% 4,5% 4,45% 3,1% 3,1% 3,5% 1,00% 0,9% 0,6% SALES TO AVERAGE SALES TO OPERATING AVERAGE OPERATING CURRENT ASSETS CURRENT ASSETS WITHOUT REAL WITHOUT ESTATE REAL & END ESTATE USER & END FINANCE USER FINANCE Projection COST OF BORROWING TBILL INTEREST AVERAGE INFLATION GREEK ECONOMY: COST OF CAPITAL & INFLATION MILLION EUROS MILLION EUROS 63,7 50,2 55, S A L E S S A L E S 60 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 60 ASE INDEX ASE INDEX S T O C K P R I C E S T O C K P R I C E PETRO PETRO 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 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 55,367 55,061 10,485 (19.0%) 1,197 (9,431) (17.1%) 847 2,251 (4.1%) (1,520) (22) 709 (1.3%) (97) ,181 50,072 9,518 (19.0%) 1,411 (12,297) (24.5%) 1,533 (1,368) (1,617) (37) (3,022) 543 (2,479) (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) 2,093 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 34,468 25,629 14,149 74,246 23,801 19,561 30,884 36,058 31,514 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 EMPLOYMENT ITEMS Average Number of Employees Total Cost Redundancy Compensation Net Total Cost Company Social Security Payments 118 4, , , ,513 1, , ,048 1, , ,842 1, , ,676 1,233 KEY RATIOS Solvecy 31/12/13* 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 51% , % ,999,341 (0.80) 46% ,999,341 (0.26) 46% ,034, % ,036, * Equity as % of Total Assets without Cash and Securities 3

6 TRUCK & BUS BUSINESS UNIT SCANIA ISUZU KOGEL ALLISON GETMAN The overall new truck market grew in comparison to 2012, but nevertheless remained at relatively low levels. Only 139 trucks over 16 tonnes were registered. Scania s market share of 16.5% remained higher than Scania s share in Europe. Despite the relatively small Greek market, the Business Unit managed to record a positive Economic Profit. Longhaul Scania trucks maintain their leading position on the Greek market, with a share in excess of 30%. The tourist and intercity bus market shrank further, as only seven 50seater buses were registered for the year. The Unit is active on the market with the Scania Touring bus, ideal for intercity routes and the result of a partnership between Scania and Higer. A further drop was noted in the market for midibuses of up to 30 seats, with sales of Isuzu Polis following the market s downward trend with a negative Economic Profit. The new Isuzu Citibus, a 9.5metre, lowfloor urban bus suitable for the needs of Greece s municipalities, was introduced in 2013, and a new Isuzu 40seater Visi Go tourist bus is expected for release in Scania and Isuzu are worldwide leaders in diesel engine fuel economy and carbon emission technologies. Scania sets high environmental standards for all its authorised service centres in Greece and around the globe. ACTIVITIES Distribution, modification, superstructures and technical support for: Scania trucks and buses, Isuzu buses, Getman mining equipment, Allison automatic transmissions and Kögel trailers. CUSTOMERS International and national transport companies and drivers, the State, public utilities, local authorities, private individuals, civil engineering contractors, subcontractors, mines and quarries. 4

7 ISUZU BUSINESS UNIT Pickup Trucks The market further declined by 34% compared to 2012, but saw Isuzu sales stabilising at the same levels, and the market share climbing to 17.3%, making it second in registrations for the first time since its entry into the Greek market. In Bulgaria, Isuzu s position improved significantly to attain an 11% market share. The improvement was largely due to successful fleet sales agreements which will continue through ISUZU Isuzu invested in promotional activities in both print and electronic media that highlight the reliability, safety and low fuel consumption of the new DMAX. Trucks Sales of Nseries light trucks remained at high levels in 2013, demonstrating that Isuzu now firmly holds one of the top two registration positions on the market and in consumer preference. The Bulgarian market did not present particular signs of improvement, with the result that sales in this category were rather low. The year 2014 promises to be a year of change, as the arrival of new trucks with Euro 6 engine specifications will change the lighttruck market demands. 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 in 2013 by 17.4% over the previous year. However, sales of Land Rover and Range Rover models increased on the Greek market by 54%. The Business Unit's principal goal in 2013 was to improve Land Rover's position in the Greek market, as well as to facilitate Jaguar's smooth increased sales helped the JLR Business Unit increase its turnover and return to a state of profitability. The new Range Rover, which became available in early 2013, together with the new Jaguar FType and the completely new, aluminium Range Rover Sport, with 3 and 5litre diesel and gasoline engines, provided the necessary commercial impetus to both makes during 2013, and made a significant contribution to increasing sales and market share for this Business Unit. For 2014, the Business Unit expects an increase in sales, as the new Freelander, to be launched in the last quarter, will play a definitive role in this growth. The ability of the Land Rover and Range Rover vehicles to traverse even the most inaccessible terrains will be of vital importance for conservation groups seeking to protect the natural environment throughout the globe. At the same time, Land Rover s commitment through the Fragile Earth programme is a global promise aimed at ensuring that our activities have the least possible impact on the environment. 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 and Range Rover cars. NETWORK The official network consists of nine dealers and one point of sale. 6

9 PETROGEN BUSINESS UNIT Generating set sales in this Business Unit followed the overall downward trend of the market in Nevertheless, the Unit managed to significantly improve its performance mainly because of the positive contribution of the aftersales department. Among other things in 2013, a generating set of 900 kva with a remote radiator was delivered to the new National Museum of Contemporary Art at Fix, a genset of 1100 of kva to a data centre in Athens, another genset of 660 kva to the new Igoumenitsa Port, and two gensets of 550 kva each to the new health centre in Filiates. PETROGEN F.G. WILSON KOHLER EXIDE The Business Unit has an organised network of authorised dealers providing technical support for generating sets and uninterruptible power systems (UPS) all over Greece and ensures that personnel receive regular training to continue providing excellent customer service. The outstanding support the Petrogen Unit provides everywhere in Greece for generating sets and UPS contributes to its comparative advantage and guarantees its future profitability. The Unit is also active in sales and support of GNBExide Technologies industrial batteries, UPS and voltage stabilisers. For 2014, there is cautious optimism for a small increase in the genset market, mainly in light of the positive projections in the tourism sector and the recent regulation of financing for major projects. 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 PERKINS LOMBARDINI SCANIA ISUZU BRIGGS & STRATON BOMBARDIER EVINRUDE TOHATSU CANAM SEADOO SPYDER ZODIAC BOMBARD AVON Outboard Motors The year 2013 was a year of stabilisation for the marine leisure sector, as the outboard motor market evened out at 2,500 motors. The Business Unit managed to achieve the goals it had set at the beginning of the year, improving both its market share and its financial results. Sales of Tohatsu outboard motors and Sea Doo personal watercraft played a significant role in this outcome. The Unit began distributing Tohatsu outboard motors in Greece in 2012 and in just two years managed to double its market share. Tohatsu encompasses a full range of fourstroke engines from 2.5 hp to 50 hp, as well as stateoftheart TLDI twostroke direct injection engines from 30 hp to 115 hp. Newmodel fourstroke 40 and 50 hp engines will be made available for the first time in The Business Unit also 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 three years or 300 hours of operation). Boats Sales of Zodiac, Bombard and Avon boats rose, gaining a larger market share. Personal Watercraft (PWC) Sales of Sea Doo personal watercraft showed a marked increase, climbing to a leadership position in the market for the first time. In 2014, the new Sea Doo Spark is expected to further bolster sales and Sea Doo's position on the market. AllTerrain Vehicles (ATV) The Unit also distributes Bombardier CanAm all terrain vehicles (ATV), the threewheel Spyder and the sidebyside Maverick and Commander in Greece. Diesel & Gasoline Engines While sales of diesel engines dropped in 2013, their Economic Profit improved. ETEC outboard motors are leaders in fuel economy and emission technologies. ACTIVITIES Distribution, modification and technical support for Evinrude and Tohatsu outboard motors, SeaDoo personal watercraft, CanAm ATV, Spyder motorcycles, Zodiac, Avon and Bombard boats, marine engines, marine generating sets & industrial engines. 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 100 dealers operates throughout Greece. 8

11 Agricultural Equipment BUSINESS UNIT The agricultural equipment market saw a 108% increase in The impressive growth of the market was due to the implementation of Improvement Plans. The Agricultural Equipment Business Unit saw growth in McCormick sales despite the adverse economic climate. In October 2013, Sfakianakis S.A. and Petros Petropoulos A.E.B.E. reached an agreement to transfer the Landini tractor, Gallignani balers and Celli tillers distribution to the latter. McCORMICK LANDINI GALLIGNANI CELLI McCormick and Landini tractors are available in a full range of horsepower, from 40 to 220 hp, for all kinds of applications. Two new 4 and 6cylinder lines the X7.4 and X7.6 by McCormick and the 6 and 7 by Landini are expected to join the highhorsepower ( hp) tractor product line in These lines include hightech agricultural tractors with new common rail injection engines that meet the latest requirements for emissions, and a transmission system with power management. They also include the new McCormick X.50 / X50M and the Landini 5H / 5D, from 85 to 113 hp, with 4cylinder Perkins Tier 4i engines in generaluse mediumhorsepower tractors. McCormick and Landini round out their product range with a line of orchard tractors from 40 to 120 hp with a multitude of options in the hydraulic circuit. The above lines include advanced technology agricultural tractors to meet all farming needs. The market is expected to hold its own in 2014 thanks to the ongoing Improvement Plans. The Business Unit will focus its efforts on increasing market share for both McCormick and Landini, as well as improving its Economic Profit. ACTIVITIES Marketing, distribution and technical support of McCormick & Landini agricultural tractors, Gallignani balers and Celli tillers. CUSTOMERS Farmers, livestock units, the Public Sector and local authorities. NETWORK A network of 95 authorized dealers operates throughout Greece. 9

12 INDUSTRIAL EQUIPMENT BUSINESS UNIT INGERSOLL RAND PUREGAS 2G The reduced investment in markets in which this Business Unit is engaged continued through The compressed air systems market dropped further over 2012, while Business Unit sales declined both in quantity and value. The Unit's Economic Profit also declined substantially. The Business Unit withdrew from the forklift truck market in In 2014, the 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 Ingersoll Rand. An entry into the electricity cogeneration market is also planned with natural gas and biogasbased systems. IngersollRand Nirvana compressors are leaders in energy economy. ACTIVITIES Marketing, distribution, modifications, packaging and technical support for IngersollRand air compressors, air tools, Puregas pressurization systems and 2G electricity cogeneration systems. CUSTOMERS Manufacturing industry, commerce, shipping companies, shipyards and telecommunication companies. 10

13 Lubricant BUSINESS UNIT The lubricant market continued its downward course, following the Greek market conditions, dropping another 10% over Nevertheless, the decline stabilised in the second half of the year and even marked a slight increase. The ongoing recession has led to a reduction in sales for this Business Unit, though targeted actions helped maintain its Economic Profit at a positive level. SHELL LUBRICANTS Shell lubricants are an outstanding option for all lubricating needs, offering a full range of products, including advanced technology synthetic products, oils and greases. Each family of products has been designed, tested and inspected to cover any possible lubricant need and to exceed the highest manufacturing requirements. The goal of this Unit for 2014 is to grow its market share with a corresponding increase in sales. ACTIVITIES Trade and distribution of Shell lubricants. 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 Network of selected partners throughout Greece and Cyprus. 11

14 Battery BUSINESS UNIT EXIDE & HANKOOK The overall vehicle and boat battery market stabilised in Sales for this Business Unit evened out in comparison to 2012, while also achieving a positive Economic Profit. The Unit continues its successful exporting activities to the Balkans and Cyprus, while also exploring other potential markets. The Unit's goal for 2014 is to bolster the battery market share on the Greek market and markets abroad, but also to realise a positive Economic Profit. The Company is an active participant in an alternative battery recycling management system. ACTIVITIES Trade and distribution of Exide and Hankook batteries. CUSTOMERS Batterylubricantparts resellers, battery centres, electricians, automobile importers, industry, authorised service centres, the construction sector, shipping and private individuals. NETWORK Network of selected partners throughout Greece, the Balkans and Cyprus. 12

15 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 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 ,123 14,805 1,701 14,149 39,778 2,448 18,033 9,504 2,411 1, ,467 74,245 8,737 11, , ,801 17, ,560 6,575 14,266 10,043 30, ,884 74, ,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 76,123 13

16 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 ,367 55,061 (44,576) 10,485 1,370 11,855 (2,878) (6,553) (195) (9,626) 2, (2,224) (1,520) 709 (97) , ,181 50,071 (40,554) 9,517 1,629 11,146 (3,404) (8,893) (254) (12,551) (1,405) 697 (2,314) (1,617) (3,022) 543 (3.375) (5,854) 1,533 (5,854) 0 (0.80) 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 2013 was 119. AUDITORS REPORT Type of Auditor s Report: Unqualified opinion. 14

17 AVRAMIDIS PANAGIOTIS AGIANAZOGLOU KONSTANTINOS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ANAGNOSTOPOULOS THODOROS 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 MELPOMENI MARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS GIARENTIS IOANNIS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA 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 KALOPISIS IOANNIS KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KANELLAKIS SOTIRIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARLE EVANGELIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KOUKOULAKI CHRISTINA KOUMANTAROPOULOS DIMITRIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA MOULIAS SPYROS BAIAIS ARISTEIDIS BAROUTIS VASILEIOS BELLOS NIKOLAOS BENEKOS APOSTOLIS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS OIKONOMOU THOMAS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS Our values: PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS RESPECT FOR AND TRUST IN THE INDIVIDUAL KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS KEEP THE PROMISE IOANNIS PETROPOULOS KONSTANTINOS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PISIMISIS THEODOROS PLAKAKIS PETROS POTHITOS KONSTANTINOS POLYCHRONIS PANAGIOTIS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS FAIR CHAMPIONSHIP RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS SOFRONIS ZERO WASTE GEORGIOS STAVRIANOU PLOUMI STOGIANNOU SOFIA STRATAKI EVANGELIA TZIALAS NIKOS TOMPOULOGLOU AIKATERINI TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS PRUDENCE STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS AVRAMIDIS PANAGIOTIS AGIANAZOGLOU KONSTANTINOS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ANAGNOSTOPOULOS THODOROS 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 MELPOMENI MARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS GIARENTIS IOANNIS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA 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 KALOPISIS IOANNIS KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KANELLAKIS SOTIRIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARLE EVANGELIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KOUKOULAKI CHRISTINA KOUMANTAROPOULOS DIMITRIS KOUTSIOUMPA GEORGIA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA MOULIAS SPYROS BAIAIS ARISTEIDIS BAROUTIS VASILEIOS BELLOS NIKOLAOS BENEKOS APOSTOLIS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI 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 POTHITOS KONSTANTINOS POLYCHRONIS PANAGIOTIS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS

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