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A N N U a L R E P O R T 22000044 A N N U A L R E P O R T TABLE OF CONTENTS 1. AKTOR S.A. SUMMARY FIGURES..............................................................................................4 2. INFORMATION ABOUT THE DIRECTORS RESPONSIBLE FOR THE ANNUAL REPORT AND THE COMPANY AUDITORS ............................................................................12 3. SHARE PERFORMANCE .............................................................................................................16 4. SHARE INFORMATION ...............................................................................................................17 5. SHAREHOLDERS’ RIGHTS.........................................................................................................18 5.1 General .........................................................................................................................................18 5.2 Taxation of dividends...................................................................................................................20 5.3 Shareholders’ obligations.............................................................................................................20 6. INFORMATION ABOUT THE COMPANY................................................................................22 6.1 General .........................................................................................................................................22 6.2 Brief History.................................................................................................................................23 6.3 Outline of Operations – Table of Projects....................................................................................24 6.4 Work in Progress..........................................................................................................................25 6.5 Co-financed Projects ....................................................................................................................26 6.6 Fixed Assets – Guarantees and Collaterals...................................................................................28 6.6.1 Land & Buildings .........................................................................................................................28 6.6.2 Mechanical Equipment.................................................................................................................29 6.6.3 Insurance of Assets.......................................................................................................................30 6.6.4 Book value of Fixed Assets..........................................................................................................31 6.7 General Information concerning the Company Capital................................................................31 6.8 Shareholders.................................................................................................................................34 6.9 Management – Administration of the Company...........................................................................35 6.10 Directors’ and Main Shareholders’ Participation in the Capital and/or Management of Other Companies..........................................................................................................................42 6.11 Organizational Chart ....................................................................................................................46 6.12 Personnel ......................................................................................................................................47 6.13 Investments in the period 2002-2004 ...........................................................................................48 7. FINANCIAL HIGHLIGHTS..........................................................................................................50 7.1 Activity.........................................................................................................................................50 7.2 Income Statement.........................................................................................................................51 7.3 Financial Expenses..................................................................................................................….55 7.4 Appropriation of Profit before Depreciation ................................................................................56 7.5 Financial Position.........................................................................................................................57 7.6 Financial Ratios............................................................................................................................65 7.7 Sources and Uses of Capital.........................................................................................................66 8. AKTOR S.A. CONSOLIDATED FINANCIAL FIGURES..........................................................67 8.1 AKTOR S.A. Consolidated Income Statement ............................................................................67 8.2 AKTOR S.A. Consolidated Balance Sheet...................................................................................71 9. AFFILIATED COMPANIES..........................................................................................................77 9.1 Companies associated with AKTOR S.A.....................................................................................77 9.2 Subsidiaries ..................................................................................................................................78 9.3 Affiliated Companies....................................................................................................................90 9.4 Other participations ......................................................................................................................97 9.5. Subsidiaries of AKTOR’s subsidiaries or affiliated companies .................................................101 9.6. Companies participating in AKTOR ..........................................................................................104 9.7. Companies in which the Company’s main shareholders of directors participate .......................108 2 9.8. Inter-company transactions.........................................................................................................141 10. LONG-TERM GOALS AND PROSPECTS................................................................................142 11. DIVIDEND POLICY.....................................................................................................................143 APPENDIX .............................................................................................................................................144 Balance Sheet for the Financial Year 2004 3rd Consolidated Balance Sheet for the Financial Year 2004 Cash Flow Statement for the Financial Year 2004 Consolidated Cash Flow Statement for the Financial Year 2004 3 1. AKTOR S.A. SUMMARY FIGURES (In ‘000 €) INCOME STATEMENT 2002 2003 2004 Turnover Company 302,620.49 467,066.06 342,163.13 Consortia 447,480.48 393,450.39 288,045.40 Total Turnover 750,100.96 860,516.46 630,208.52 Gross Profit from Company turnover (before depreciation) 36,760.07 80,706.11 86,563.11 Other operating income 1,751.46 4,463.58 1,516.32 Total (excluding depreciation) 38,511.53 85,169.70 88,079.43 Operating Profit (before depreciation) 32,524.25 76,933.41 78,214.14 Income from participations in consortia (1) 95,444.64 72,170.71 41,852.28 Income from securities and capital gains from participations, holdings and securities 2,550.11 1,526.26 1,386.09 Expenses and losses from participations, holdings and securities 5,670.83 13,728.86 10,538.38 Extraordinary and non-operating profit/loss -1,628.73 -3,970.20 -2,678.41 Profit before Interest, Tax and depreciation 123,219.44 132,931.31 108,235.73 Profit before Tax and depreciation 122,743.90 131,539.22 107,299.66 Profit Before Tax 104,895.63 113,459.86 90,496.77 Profit After Tax and Directors’ remuneration / Profit sharing provisions to Company personnel (5) 64,079.81 70,861.61 50,889.11 Total dividend 45,050.68 45,050.68 40,545.62 Weighted average number of shares (2) 104,391,327 132,220,731 135,152,055 Year end number of shares (3) 112,626,710 112,626,710 135,152,052 PER SHARE DATA (4) (in €) Profit before Interest, Tax and Depreciation 1.18 1.01 0.80 Profit before Tax and Depreciation 1.18 0.99 0.79 Profit Before Tax 1.00 0.86 0.67 Profit After Tax and Directors’ Remuneration (5) 0.61 0.54 0.38 Dividend 0.40 0.40 0.30 1. Income from participations in consortia is before tax. 2. The calculation of the weighted average number of shares is taking into account the increases in share capital from cash paid in, from the capitalisation of reserves, from the plus-value derived from the readjustment of the value of property holdings and from the acquisition of the construction divisions of ELLINIKI TECHNODOMIKI and TEB. 3. Dividing the share capital at the end of each financial year by the current nominal value of € 0.87 arrives at the year- end number of shares. 4. Based on the weighted number of shares, except for dividend per share (based on year-end number of shares). 5. “Directors’ Remuneration” includes profit-sharing provisions / share distribution to Company personnel. 4 AKTOR ADJUSTED PROFIT/LOSS FOR YEARS 2002-2004 (in ‘000 €) 2002 2003 2004 Profit Before Tax from Published Operating Profit/loss 104,895.63
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