A1260069376nECOP

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Transition to IFRS FY 2004
Presented by CFO Constantinos Rozakeas
www.sarantis.gr
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Disclaimer
This material contains certain forward-looking
statements. These statements are based on
managements current expectations and are
naturally subject to uncertainty and changes in
circumstances. Actual results may vary materially
from the expectations contained herein and
listeners are cautioned not to place undue
reliance on any forward-looking comments.
Sarantis S.A. undertakes no obligation to update
or alter its forward-looking statements, whether
as a result of new information, future events, or
otherwise. This presentation serves only
informative purposes and it does not form or can
either be referred as a buy, sell or hold
encouragement for shares or any other fixed
income instruments. Investors must decide upon
their investments based on their own investing
preferences, financial status and advice from
those registered investment advisors who consider
appropriate. This presentation belongs to
Sarantis S.A. with the aim to inform the
customers and the partners of the Organization.
Any reproduction, use, or distribution of this
product is strictly forbidden without the written
agreement of approval from the Company.
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Transition to IFRS Overview
The purpose of the presentation is to provide
guidance regarding the adoption of IFRS by the
Sarantis Group of Companies Sarantis Group of
Companies has adopted the IFRS polices, including
IAS 39, for FY 2004 Highlights Smooth
transition to IFRS Small positive effect in
Income Statement Negative impact in Shareholder
Equity
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Transition To IFRS Consolidated Income Statement

Major Accounts (FY 04) ( 000,000) IFRS Greek GAAP ?
Turnover 248.78 248.78 0.0
EBITDA 36.35 36.82 -1.3
EBIT 32.81 32.84 -0.1
EBT 29.50 29.33 0.6
EATAM 16.98 16.74 1.5



No material changes at the consolidated Income
Statement Turnover remains unaffected EBIT
EBITDA are almost unaffected Earnings before
taxes and Earnings after Taxes minorities are
slightly higher
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Transition to IFRS Key changes in EBT
0.62
0.21
2.37
(0.87)
(2.16)
29.50
29.33
FY 2004
Changes in P L accounts are mainly due to
extraordinary items (2.4 mil. under Greek GAAP)
which are reallocated to various accounts under
the IFRS.
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Transition to IFRS Key changes in EATAM
0.17
(1.63)
(0.25)
1.95
16.74
16.98
FY 2004
EATAM are higher by 1.5 under IFRS due to
differences in taxation and Minorities
rights Under Greek GAAP Minorities were
subtracted before taxes while under IFRS are
subtracted after Taxes.
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Transition to IFRS Key changes in Non Current
Assets
5.74
(9.58)
13.98
Net Effect -30.8 m.
97.40
(40.94)
66.60
FY 2004
(Reallocation)
Tangible Assets increased by 13.98 mil. Due to
revaluation of buildings and fixed
assets. Deferred Taxation increased by 5.74 mil.
Intangible Assets decreased by 9.58 mil. Due
to relative write offs Investments in associated
Cos decreased by 40.94 mil. Mainly due to the
reallocation of our participations in Multirama
and Hellenic Duty Free (HDF).
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Transition to IFRS Key changes in Current
Assets
Net Effect 8.22 m.
(3.97)
(0.20)
0.05
(1.39)
13.73
175.93
167.71
FY 2004
Current assets have increased by 8.22 m. due to
the increase of securities (HDF and Multirama)
Adoption of IFRS have decreased inventories and
trade debtors due to provisions changes Net
effect of Multirama and HDF revaluation is 27.2
m.
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Transition to IFRS Key changes in Net Book
Value
84.67
Net Effect -32.65 m.
52.01
FY 2004
Net Book Value has decreased due to revaluation
of our participation in Multirama and HDF while
there was some positive effect due to revaluation
of our buildings and other fixed assets.
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Transition to IFRS Key changes in LT Liabilities
Net Effect 9.61 m.
3.08
(6.53)
116.7
107.10
FY 2004
LT Liabilities increased by 9.61 m. due to
deferred taxation and retirement benefits.
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Transition to IFRS Key changes in ST Liabilities
0.69
(0.22)
73.8
73.3
FY 2004
Minor Effects in ST Liabilities. Short term
liabilities are sufficiently covered by current
assets
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Transition to IFRS

• Adoption of IFRS have no impact on the Groups
• business strategy
• Cash Flow
• There are no material effects in our 2005
  targets. Sarantis will provide detail guidance
  for 2005 under the IFRS standards during the
  announcement of 1Q 05 results.
• Sarantis will present 1Q 05 results using IFRS
  standards.