19.09.2005

The Company IMAKO MEDIA S.A. by a Press Release to Athens Stock Exchange notifies the following:

Significant profits increase during the First Semester 2005

A significant improvement of the financial results as depicted in the financial statements of First Semester of 2005, despite the fact that the market presents a decline and difficulties with regard to the advertisement as well as the circulation of magazines.
The Company’s turnover during the First Semester of 2005 amounted to € 16.089.000 compared to € 15.768.000 in the respective period of last year, marginally increased by 2%. The earnings before interest, taxes, depreciation and amortization (EBITDA) present an increase of 6,95%, amounting to € 1.907.000 compared to € 1.783.000 in the respective period of last year, while the net profits before taxes amounted to € 1.071.000 compared to € 1.066.000 in the respective period of last year.  Finally, the net profits after taxes amounted to € 1.437.000 in 2005 compared to € 588.000 in 2004, increased by 144%.

The consolidated turnover during the First Semester of 2005 amounted to € 17.263.000 compared to € 17.356.000 in the respective period of last year, marginally decreased by 0,5%. The earnings before interest, taxes, depreciation and amortization (EBITDA) present a decrease of 7,8%, amounting to € 1.987.000 compared to € 2.155.000 in the respective period of last year, while the net profits before taxes amounted to € 956.000 compared to € 1.219.000 in the respective period of last year. Finally, the net profits after taxes amounted to € 1.226.000 in 2005 compared to € 475.000 in 2004, increased by 158%.
 
The improvement presented by the cash flows and more specifically, the significant increase of the cash flows arising from operational activities and amounting to € 2.310.000 during the First Semester of 2005 compared to € 196.000 in 2004, helped significantly and allowed the Company to implement a series of important new investment projects directly related to the launching of new titles and the renewal of fixed assets, as well as the loans decrease by € 1.000.000 approximately. The implementation of the Administration’s resolution for strategic focusing on the core business, as planned in the end of 2002 for the next four years, had immediate positive and significant results. The successful publication of the female magazine In Style since the end of 2003, the magazine having already been established since the first year of its circulation among the leading magazines of its category, helped significantly the improvement of the Company’s financial sizes. Additionally, the successful launching of the leading in the world male magazine Maxim since May 2005, which has already been established since the first months of its circulation and has obtained a significant share in circulation and advertisement, was another successful step towards the continuing efforts for IMAKO’ s constant development.

The cooperation strategies entered into by IMAKO and big, internationally known, publishing companies such as Time Warner, Hearst, Emap, Dennis Publishing and more recently Northern & Shell and again Time Warner, for the publication of two new magazines during the winter, OK! and Real Simple respectively, are the capstone of all Administration’s efforts.Additionally, the magazines Nitro, Pink Woman and Down Town have maintained their shares in circulation as well as in advertisement, and, along with the parts of Corporate and Special Publications having a very big clientele, including, among others, fields such as commercial banking, hotel chains, commercial malls, catering companies, shipping companies and airline companies, had very good rates of development.  

ATHENS 19.09.2005