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1 Presentation to the Financial Community Montreal and Toronto, Canada January 18 & 20, 2005.

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Presentation on theme: "1 Presentation to the Financial Community Montreal and Toronto, Canada January 18 & 20, 2005."— Presentation transcript:

1 1 Presentation to the Financial Community Montreal and Toronto, Canada January 18 & 20, 2005

2 2 Contents Business Lines, Market Positioning and Strategic Outlook Financial Review F.G. Europes History F.G. Europe at a Glance Corporate Governance CAPEX and W/C Share Data Dividend Policy Main Points 3 4 6 22 23 28 32 33 34

3 3 F.G. Europe at a Glance 3 Main Business Lines: Air Conditioners, White Electrical Goods and Mobile Telephony European Orientation: Greece Italy, France, Germany, Czech Rep. Serbia & Montenegro, Bulgaria, Romania, Albania, Bosnia, FYROM Revenues Y2004: 208 mil. (202 mil. in Y2003) Market leader in Greek A/C market Strong presence in Italy and upcoming player in South East Europe Exclusive representation of world class brands like Fujitsu and own brands with high brand awareness for good quality Warehouses in Piraeus, Greece Headquarters in Athens, Greece

4 4 F.G. Europes History Foundation of Viometal Eskimo S.A. 1958 1968 IPO listing on the Athens Stock Exchange 23 rd Greek Manufacturer with over 23% market share 1988 1973 Exclusive distribution agreement for Greece with Fujitsu General Ltd. Renewed 1999 until 2009 Master dealer of TIM. Renewed 2000 sine die 1999 1997 Exclusive distribution agreement for Italy with Fujitsu General Ltd. until 2009

5 5 F.G. Europes History 2001 2003 Exclusive distribution agreement for South East Europe with Fujitsu General Ltd. until 2011 Merger between F.G. Europe S.A. and Eskimo S.A. 2005 Exclusive distribution agreement for plasma TVs and monitors for Italy with Fujitsu General Ltd. until 2015

6 6 Air Conditioners Business Line Own brands Exclusive Distribution Brand names

7 7 Over 1,200 sales points in Greece Over 250 sales points in Italy Over 20 selected wholesalers in South East Europe Over 17 years of excellent relationships with customers Ecologically friendly products with Refrigerant: R- 410a, R- 407c F.G. Europe Wholesaler Retail stores & Installers Greece South East Europe Subsidiaries Italy F.G. Europes Distribution Channels for A/Cs 15.5% market share in split units and 5% in light commercial systems Air Conditioners Business Line

8 8 Air Conditioners: Sales YearMil. 200153.30 200263.17 200367.46 200450.20 Air Conditioners Revenues Product mix in 2003 vs. 2004 in Mil.

9 9 A/Cs: Exports & Market Shares Market shares in Greece (split units) Sales country mix in 2004 Market shares in Greece (light commercial systems)

10 10 Air Conditioners : European Markets Greece: 15.5%* Italy: 3.5% South East Europe:17.6% *source: ICAPCompany estimates on European AC Sales

11 11 Air Conditioners : European Markets Livorno Warehouse Main Warehouse Thessalonica Warehouse ITALIA GREECE ALBANIA SERBIA MONTENEG RO FYROM BULGARIA ROMANIA BOSNIA HERZEGOVINA FG Italia Spa Dolo

12 12 Growth Drivers: Air Conditioners Greek Market: Leading market position and innovative product portfolio Other Markets: Organic growth potential in South Eastern Europe Increased export orientation World known brand names Product portfolio in line with market trends of increased demand for low cost high reliability appliances Own brand names without territory restraints World known brand names

13 13 White Electrical Goods Business Line Own brand Exclusive Distribution Manufacturing Partners

14 14 White Electrical Goods: Sales YearMil. 20018.42 20026.54 20037.55 20046.88 White Electrical Goods Revenues Product mix in 2003 vs. 2004 in Th. Market Shares in 2003

15 15 Strategic cooperation with leading world class manufacturers Greek Market: Innovative product portfolio enhanced with appliances with low penetration in the population South East Europe: Organic Growth through use of existing strong distribution channels of A/Cs Leverage on best value for money Own brand name with 94% brand awareness among the Greek population Over 1,000 sales points in Greece White Electrical Goods: Growth Drivers

16 16 Source: Merloni data White Electrical Goods: Penetration Penetration in Southern Europe

17 17 Mobile Telephony Business Line Own brand

18 18 Mobile Telephony Business Line Master dealer of in all mobile products for the last 8 years Wholesale of prepaid scratch cards for the last 3 years: 50,000 mobile telephony subscriptions 50 resellers all over Greece 20 resellers all over Greece Strong and expanding market position: Increase in market share from 17% to 21% in 2004

19 19 Mobile Telephony: Sales YearMil. 200125.15 200239.42 2003127.33 2004150.84 Mobile Telephony Revenues Source: Vodafone and Company estimates Mobile Telephony Market Shares in 2004 Annual Market Volume for prepaid scratch cards in Greece was 720 mil. in 2003 (Providers estimates ) Penetration 85% of total population (9.31 mil. Users of which 65% use prepaid services)

20 20 New Strategic Business Line Exclusive distribution of Fujitsu General, Ltd. for Greece, Italy and South Eastern Europe Introduction on all markets of OEM manufactured plasma TVs under own brand name Plasma TVs Own brand Exclusive Distribution

21 21 Business Line: Plasma TVs Expected Development for Large Displays (Plasma & LCD >40) in EMEA Quantity in Units

22 22 CAPEX and W/C (in mil. )200520062007 CAPEX Air conditioners1.52.02.5 White electrical goods0.51.0 Mobile Telephony0.20.30.4 Plasma TVs0.20.51.0 Total2.43.84.9 Working Capital Air conditioners20.022.025.0 White electrical goods2.03.04.0 Mobile Telephony0.51.01.5 Plasma TVs0.51.02.0 Total23.027.032.5

23 23 Key Financial Figures: Revenues Consolidated Revenues 88.6 112.2 185.7 208.1 * Pro forma audited Consolidated Financial Statements of Eskimo S.A. and F.G. Europe S.A. for the years 2001 and 2002 **Restated

24 24 Key Financial Figures: P&L (in mil. )9M, 20042003**2002*2001* Revenues166.21186.57112.1988.60 Gross Margin12.9921.5814.4512.47 Operational Expenses7.1810.038.437.13 EBITDA5.8111.566.395.37 Financial result, net-1.82-2.91-3.86-3.55 Profits before tax3.736.804.142.16 Profits after tax-4.892.601.02 (in ) EPS (gross)- EPS (net)- Dividends- Management culture/orientation towards shareholders value creation *Pro forma audited Consolidated Financial Statements of Eskimo S.A. and F.G. Europe S.A. for the years 2001 and 2002**Restated

25 25 Key Financial Ratios: P&L 9M, 2004200320022001 Gross Margin7.82%11.54%12.88%14.08% Expenses as % revenues 4.32%5.37%7.51%8.04% Financial result as % of revenues 1.09%1.59%3.44%4.01% EBT as % revenues2.23%3.65%3.69%2.44% Creation of Shareholder value through expenses and interest cost reduction

26 26 Key Financial Figures: Balance Sheet (in mil. )9M, 200420032002 1 2001 1 Cash11.531.871.994.41 Receivables52.6756.0845.9448.61 Inventory26.9215.2016.7660.99 Equity21.7318.0216.7817.24 Liabilities19.0428.7113.6229.19 Financial liabilities66.3735.3436.8580.34 Total Assets108.2982.1167.04126.55 Balance Sheet structure improved ¹ Pro forma audited Consolidated Financial Statements of Eskimo S.A. and F.G. Europe S.A. for the years 2001 and 2002

27 27 Other Key Ratios 9M, 2004200320022001 Collection period (days)87109149200 Inventory turnover (days)483463292 Payment period (days)346435118 Current ratio2.951.241.771.41 Quick ratio2.191.001.320.68 Equity ratio20%21%25%14% Improved operating management: Continuously reducing collection and inventory turnover period

28 28 Shareholders Structure Free float >46% with over 13,000 individual Stockholders Shareholders:OwnershipTotal George Fidakis53.60% Greek Institutionals9.43% Foreign Institutionals6.12% Fujitsu General (Euro) GmbH4.38%10.50% Retail Investors26.47% Total:100.00% 53,187,840 common shares outstanding @ 0.30 par

29 29 The F.G. Europe Share Last Closing: 3.42 (January 12, 2005) Market Capitalization > 181.9 mil.

30 30 Share Information Trading Symbols: ΕΣΚ (ASE),ESC GA (Bloomberg), ESKR.AT (Reuters), FGE.STU (Boerse Stuttgart), ISIN GRS083003012 As of January 12, 2005 1W1M3M6M1Y2Y Performance0%3.64%-2.84%-11.40%-13.20%-10.94% High3.423.283.26 4.42 Low3.403.443.523.863.262.13 Ø Volume shares85K61K47K48K70K122K Ø Volume in 287K201K157K167K266K338K Indices: ATG, FTSE-40, Wholesale Index, MSCI Small Cap Greece, Eurobank Mid-Cap Private Sector 50

31 31 Listed Convertible Bond Trading Information ExchangeAthens Stock Exchange Last closing101% ISINGRC083004873 Fundamental Information Issue dateAugust 3, 2004 MaturityAugust 2, 2007 Issue volume16,621,200 Par value100.00 Coupon3.8% semiannually Conversion rate1 : 22 common shares Conversion price4.5454 Redemption price112.2%

32 32 Dividend Policy Our policy is to distribute satisfactory dividend given that the results and operating cash flow allow it For the fiscal year 2004 there are two options one is to buy back shares or to distribute dividends. For the fiscal year 2004 the Board of Directors intends to propose to the Extraordinary General Assembly of Shareholders in February 8, 2005 instead of dividend distribution a share buy back program.

33 33 Corporate Governance Board of Directors consists of 5 executive and 4 non- executive and independent Members (Audit committee) Transparency: ad-hoc disclosures, shareholding structure, related party securities transactions Reporting: Audited Financial statements are published quarterly according to Greek GAAP and from 2005 according IFRS Risk Management and Internal Control procedures Important decisions are reserved to the approval of the General Assembly of shareholders

34 34 Key Points Organic growth Operational excellence Solid shareholders structure Cost and expenses reduction Continuous profitability Market leader in Air Conditioners business Long history Increased export orientation

35 35 DISCLAIMER This presentation contains forward-looking statements. These statements appear in a number of places in this presentation regarding the intent, belief or current expectations with regard to our customer and supplier base, future growth, market share, financial results and other aspects of our business activities and the markets in which we operate. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. Addressees are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation. F.G. Europe undertakes no obligation to update publicly or revise any forward-looking statements,as a result of events or circumstances after the date of this presentation, including, but not limited to changes in economic conditions, F.G. Europes business strategy or the occurrence of other unanticipated events. F.G. Europe S.A., 128, Vouliagmenis Ave., GR-16674 Glyfada, Greece Tel.: +30 210 9697800, Fax: +30 210 9603802, Email: ir@fgeurope.gr

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