Docstoc

Slide 1 - Notos Com

Document Sample
Slide 1 - Notos Com Powered By Docstoc
					      Corporate Presentation
         September 2006

George Katsaros, Group Treasurer & IRO




                                         1
                                                                              Disclaimer



This material contains certain “forward-looking” statements. These statements are
based on management’s 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. Notos Com Holdings 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
Notos Com Holdings S.A. with the aim to inform the stakeholders of the Organization.




                                                                                      2
                                                        Our Vision



To offer products and services of high quality so that these
represent the first choice behind every consumer habit that
                    makes life prettier.




Our slogan :

Your First Choice
                 for a Prettier Life




                                                                     3
                                                        Our Business


   Notos Com is active in the retail &
    wholesale of Apparel, Footwear and Cosmetics.


       Our Company’s core activity is the Management
        of Powerful International Brands with High
        Profit Margins and Large Market Penetration.




    Our Strategic Business Units (SBUs) are:

    •     Notos Galleries
    •     Cosmetics/Personal Care
    •     Wholesale of Apparel/Footwear
    •     Retail of Apparel/Footwear
    •     Stationery
    •     International Subsidiaries
                                                                  4
                                                                                 Dynamic Business Model


                                                             Broad
TOTAL BRAND MANAGEMENT & DEVELOPMENT




                                                      Distribution Network

                                        SBU1               SBU2           SBU3           SBU4
                                        Notos           Cosmetics,     Retail Stores   Stationery
                                       Galleries       Personal Care


                                                        SBU5                   SBU6
                                                     Wholesale of          International
                                                   Apparel/Footwear         Subsidiaries




                                                             Broad
                                                            Customer
                                                             Reach


                                                                                                     5
                                                                   Our Advantages


                                   • Broad customer reach
Established Distribution Network   • Multi-channel distribution
                                         Department Stores
                                         Retail Stores
                                         Wholesale
                                         Foreign Markets


                                   • Established long term vendor relationships
Strong Brand Portfolio
                                   • Powerful international brand names
                                   • Upscale brands with high margins




                                   • Cost & operational synergies in promotion,
Organizational Structure              logistics, operational Support
                                   • Strong know how of brand management
                                   • Experienced management



                                   • Well diversified portfolio of brands
Low Operational Risk               • Broad Product Range
                                   • Geographical & distributional diversification
                                                                                     6
                                                       Cosmetics/Personal Care


Selective Distribution Brands
 Lancaster         Van Cleef            Nikos                  Alexander Mc Queen
 YSL               Hermes               Jil Sander             Ermenegildo Zegna
 Chanel            Givenchy             Isabella Roselini      FCUK
 Revlon            Guerlain             Chopard                L’Occitane
 Eliz. Arden       Kenzo                Joop!                  Jean Piaubert
 Davidoff          Jennifer Lopez       Azzaro                 Boucheron
 Ιssey Miyake      Sisley               Ungaro                 Johji Jamamoto
 J.P. Gaultier     Thierry Mugler       Alessandro del’Aqua    Emmanuel Ungaro
 Clarins           Max Factor           Elizabeth Taylor       Gres
 Bvlgari           Fendi                Roget & Gallet         Chantal Tomass
 Stendhal          Stella Mc Cartney    Oscar de la Renta
 Moschino          Ferragamo            Jean Patou


Broad Distribution Brands
  Kolynos           Βest Friends           Jordan
  Revlon            Hawaiian Tropic        Marvel
  Faber Castell     Bburago Toys
                                                                                7
                                              Apparel/Footwear


Wholesale Brand Portfolio   Retail Brand Portfolio
 Lacoste                    Lacoste
 Polo Ralph Lauren          Polo Ralph Lauren
 The Bostonians             The Bostonians
 Alain Manoukian            Alain Manoukian
 Cerruti Jeans              Cerruti Jeans
 Henry Cottons              Henry Cottons
 Trussardi Jeans            Trussardi Jeans
 Trussardi Sport            Trussardi Sport
 Newman                     Newman
 Gant                       Gant
 Polo Jeans                 Polo Jeans
 Kookai                     Kookai
 Keds                       Keds
 French Connection UK       Max Mara
 Lubiam                     Marina Rinaldi
 Murphy & Nye               Swatch
 Persona                    Springfield
 Sperry

                                                            8
Strategic Business Units
          SBUs




                           9
                                                                  Notos Galleries


Notos Galleries Lambropoulos

•   One of the leading department stores companies in Greece
•   3 Department Stores with total floor space of 20,718 sq. m.
•   Stores located in premium locations of major cities
•   A Strong brand name with long history (100 years)
•   Shop in a shop business model




Notos Galleries Home

•   Opened Dec 2003
•   The only branded “Home” product department store in Greece
•   Conveniently located in the center of Athens
•   Total floor space 17,100 sq. m.
•   100 suppliers with over 250 branded home products

                       Sales H1:06
                                         Notos
                                       Galleries;
                                        36.65%




                                                                           10
                                                                  Cosmetics/Personal Care



•   Representation and distribution of a wide range
    of selective and broad distribution Cosmetics




•   Extensive distribution network
     – 250 selling points for selective brands
     – 3000 selling points for broad distribution brands            Sales H1:06


•   Exclusive collaborations with Major international suppliers

•   Two strategic JV with Lancaster & YSL Beaute
                                                                                  Cosmetics &
•   High margins and strong cash flow generation                                    Personnal
                                                                                  Care; 17.12%




                                                                                                 11
                                                        Wholesale of Apparel/Footwear


Active in the wholesale of selective clothes & footwear brands

•   Diversified portfolio of internationally acclaimed brands

•   Exclusive representations and long term vendor
    relationships

•   Broad distribution network :


        Boutiques                    = 103
        Shop in Shop - Corners       = 222                           Sales H1:06
        Points of Sales (Apparel)    = 813
        Points of Sale (Footwear)    = 239
                                                         Wholesale
        Total Sale Points            = 1,377             Apparel /
                                                         Footwear;
                                                          28.48%




                                                                                   12
                                                                 Retail of Apparel/Footwear


                                                                           59 Stores in Greece
A retail network of 59 stores, selling clothing and
                                                                                                         59
    footwear products.
                                                                                     54       54
                                                                53
                                                                          51
•   Monobrand and multibrand stores
•   Presence in premium locations of major city
    shopping areas
•   All Notos Com operated stores                           Dec '04   Sept '05   Dec '05   Mar '06   Sept '06




                                           • Re-brand stores when needed to increase
    Flexible Business Model                   sales per sqm and profitability
                                           • Non dependant on single brand



                                                                                                                13
                                                              Retail of Apparel/Footwear

                     Stores by Brand - 59
                                                                        59 Retail Stores in Greece - Sep '06
    Gant Woman        1
                                                                   48
       Gant Boys      1

       Polo Jeans     1

   Henry Cottons      1

        Newman        1

          Kookai      1
                                                                               6
                                                                                           3         2
        Trussardi     1

       L'occitane         2

      Manoukian           2
                                                               Athens    Salonika     Patra    Mykonos
  The Bostonians              3

Polo Ralph Lauren             3

    Keds-Swatch               3

                                                                              Sales H1:06
   Marina Rinaldi                 4

       Max Mara                   4                      Retail
                                                       Apparel /
                                      5
       Multibrand                                      Footwear;
                                          6             9.69%
             Gant

       Springfield                            7


         Lacoste                                  13



…Multiple monobrand or multibrand
stores located in major city centers in                                                                        14
Greece…
   Czech Republic                 International Subsidiaries
           1994
                        Poland
     Hungary
      2003               1998

   Austria                  Slovakia
    2003                      1998

Croatia                            Romania
 2003                               2001

Slovenia                                  Bulgaria
  2003                                     1993

       Former                                        Turkey
      Yugoslavia                                      2005

 Albania
  2005
                                                     Cyprus
           F.Y.R.O.M.     Malta                       1997
              2005        2005                            15
                                                                          International Subsidiaries

                                                                    57 Stores Abroad - Sep '06
    Notos Com operates in wholesale and               Skopje    1
    retail and distributes apparel, footwear         Romania    1
    and cosmetics in a number of countries           Hungary    1
    outside Greece.                                  Slovakia       2
                                                      Austria                 4
                                                     Bulgaria                        5
                                                      Turkey                                    7
•    A retail network of 57 stores                     Poland                                   7
•    Stores located in major cities and premium       Croatia                                        8

     shopping centers                                  Czech                                                     10

•    Exclusive representation of brands (Lacoste &    Cyprus                                                          11

     Gant) in all countries
                                                                                    57 Stores Abroad
•    Replicate successful Greek business model
                                                                                                                       57
                                                                                                    48      51

                                                                                         38
                                                                             31
                  Sales H1:06                                       28



                                International
                                 Subsidiaries;
                                    6.35%



                                                                Dec '03   Dec '04   Sept '05   Dec '05   Mar '06 Sept '06


                                                                                                                            16
                                                       Stationery


Notos Com is active in the stationery market through
    • Notos Stationery wholesale-distribution
    • Pallis Stores –stationery stores
    • Pallis Office Supplies-B2B office supplies




 • Strong brand name with over 100 years of History
 • 4 stores located in premium locations in Athens
 • Exclusive representation & distribution of
    international brands (Faber Castel)




                     Sales H1:06



    Stationery;
      1.71%




                                                           17
                                                                Going Forward - Greece

         Leverage our organizational structure and advantages to capture growth in the
                                        Greek Market

                                               Notos Com has the organizational
Further Enrichment of Brand Portfolio           leverage to offer international brands
                                                a total service solution.
                                                   • Wholesale distribution network
                                                   • Retail stores
                                                   • Department stores
                                                   • Investment in advertising


Growth of Department Stores                    Notos Galleries: Immediate opening of two
                                               new small size department stores. Plans
                                               for an additional 4
                                               Notos Galleries Home: Increasing growth
                                               and consumer awareness. Substantial
                                               increase in wedding lists (40% market share)


                                               Open new stores for new brands we acquire
Opening of New Retail Stores
                                               Re-brand stores to increase sales per sqm
                                               Expand into new location with existing brands

                                                                                         18
                                        Going Forward – Foreign Operations


The Market                               The Business Plan
• Improving macroeconomic conditions         Export the successful Greek model of
  due to the entrance in the European        operations in countries we are present
  Union
                                             • Expand our Retail Network in
• Improving standards of living                 those countries

• Low penetration of upscale brands          • Gradually introduce wholesale
                                                operations
• Convergence of consumer habits to
   western standards                         • Exploit cost synergies with Greek
                                                operations




                                                                                   19
Financial Results – H1:06




                            20
       Financial Highlights                             Financial Highlights
                                                                               6m 2006   6m 2005
                                                        (€ million)
                                                        Turnover               131.80    124.65
        Satisfactory growth rate in consolidated        y-o-y growth (%)        5.74%
        turnover.
                                                        Gross Profit            59.75     57.49
        Notos Galleries Department Stores and apparel   y-o-y growth (%)        3.93%
        (wholesale and retail) were the major growth    % of Total Turnover    45.33%    46.12%
        drivers during H1:06.
                                                        EBITDA                  14.94     18.46
                                                        y-o-y growth (%)       -19.07%
                                                        % of Total Turnover    11.34%    14.81%

                                                        EBIT                    9.97      13.83
                                                        y-o-y growth (%)       -27.91%
                                                        % of Total Turnover     7.56%    11.10%

                                                        Profit Before Tax       9.34      11.72
                                                        y-o-y growth (%)       -20.31%
                                                        % of Total Turnover     7.09%     9.40%

                                                        Profit After Tax        5.32      7.76
                                                        y-o-y growth (%)       -31.44%
                                                        % of Total Turnover     4.04%     6.23%

                                                        Minority Interest       0.11      -0.57


                                                        EATAM                   5.43      8.33
                                                        y-o-y growth (%)       -34.81%
                                                        % of Total Turnover     4.12%     6.68%

Notos Com                                               EPS                     0.07      0.12     21
Financial Results – H1:06
        Notos Com S.A. – Turnover                                                             Notos Com S.A. - Group Turnover
                                                                                                          (€ mil.)
         Consolidated turnover rose by 5.74% to EUR                                                        5.74
                                                                                                           %
         131.8 million in H1:06.                                                          140          124.65 131.80
                                                                                          120
         Gross profit advanced by 3.93% in the H1:06                                      100
         period, with the gross profit margin marginally




                                                                             (€ millon)
                                                                                           80
         lower at 45.33%.
                                                                                           60

                                                                                           40

                                                                                           20

                                                                                            0
                                                                                                             Turnover 6m 2006
                                                                                                         6m 2005




                              Notos Com S.A. - Group Gross Profit (€ mil.)                      Notos Com S.A. - Group Gross Profit
                                                       3.93%                                               Margin (%)

                                             70     57.49 59.75
                                                                                                50%       46.12%       45.33%
                                             60
                                             50                                                 40%
                                (€ millon)




                                             40
                                                                                                30%




                                                                                          (%)
                                             30
                                                                                                20%
                                             20
                                             10                                                 10%

                                              0                                                  0%
                                                   Gross
                                                  6m 2005Profit 2006
                                                            6m                                           6m 2005      6m 2006
                                                                                                            % of Total
                                                                                                            Turnover

Notos Com                                                                                                                             22
Financial Results – H1:06
       Notos Com - EBITDA
                                                          Notos Com S.A. - Group EBITDA (€ mil.)

                                                                                 -19.07%
        Earnings before interest, taxes and
                                                                                18.46
        depreciation settled at EUR 14.94 million                      20
        in H1:06, lower by 19.07% as compared                                            14.94
                                                                       15
        to H1:05, due primarily to extraordinary




                                                          (€ millon)
        non recurring income in H1:05 and                              10
        considerable advertising and promotion
        expenditure associated with growth.                             5

                                                                        0
        EBITDA margin settled at 11.34% in                                    6m 2005
        H1:06, versus 14.81% in H1:05.
                                                                                       6m
                                                                                  EBITDA 2006



                                                              Notos Com S.A. - Group EBITDA Margin

                                                            20%

                                                                              14.81%
                                                                                        11.34%




                                                    (%)
                                                            10%




                                                                 0%

                                                                              % ofTotal
                                                                            6m 20056m 2006

                                                                              Turnover

Notos Com                                                                                            23
Financial Results – H1:06
     Notos Com - EBIT
                                                           Notos Com S.A. - Group EBIT (€ mil.)
                                                                               -27.91%

       Earnings before interest and taxes reached EUR                  16      13.83
       9.97 million in the H1 period of 2006, lower by                 14
                                                                                       9.97
       27.91% as compared to the H1 period of 2005.                    12




                                                          (€ millon)
                                                                       10
                                                                       8
       As a result, EBIT margin reached 7.56% in H1:06
                                                                       6
       versus 11.10% in the H1:05.
                                                                       4
                                                                       2
                                                                       0
                                                                                  EBIT 6m 2006
                                                                            6m 2005




                                                                 Notos Com S.A. - Group EBIT Margin



                                                                 12%         11.10%

                                                                 10%                   7.56%
                                                                       8%




                                                         (%)
                                                                       6%
                                                                       4%
                                                                       2%
                                                                       0%
                                                                            % of Total Turnover
                                                                            6m 2005      6m 2006




Notos Com                                                                                             24
Financial Results – H1:06
      Notos Com – Profit After Tax
                                                                  Notos Com S.A. - Group Profit AT (€ mil.)
                                                                                             -31.44%
            Profit after tax decreased by 31.44% to EUR 5.32
                                                                                  9
            million in H1:06 among others due to                                            7.76
                                                                                  8
            extraordinary tax of € 1.8 mil. after completion of                   7
            tax audit for 2003 and 2004.                                          6                5.32




                                                                     (€ millon)
                                                                                  5
            As a result, net profit margin on a consolidated                      4
            basis decreased to 4.04% in H1:06 as compared                         3
            to 6.23% in H1:05.                                                    2
                                                                                  1
                                                                                  0
                                                                                         Profit After Tax
                                                                                        6m 2005     6m 2006



                                                                           Notos Com S.A. - Group Profit AT
                                                                                      Margin
                                                                                  7%       6.23%
                                                                                  6%
                                                                                  5%               4.04%
                                                                                  4%




                                                                     (%)
                                                                                  3%
                                                                                  2%
                                                                                  1%
                                                                                  0%
                                                                                        % of
                                                                                      6m 2005Total Turnover
                                                                                                6m 2006




Notos Com                                                                                                     25
Financial Results – H1:06
      Notos Com – Balance Sheet Items
       On a consolidated basis, total bank debt
       settled at EUR 76 million in H1:06, from    (in € mn)                    6m 2006   12M 2005
       EUR 74.36 million in 12M 2005.
                                                   Property Plant & Equipment    138.28    139.38
       Inventories rose by 9.28% to EUR            Intangible Assets             14.57      14.15
       76.10 million. Inventories of Notos         Investments                    2.51      2.91
       Galleries Department Stores, if not sold,   Cash & Banks                   5.45      11.44
       are returned to their suppliers without
                                                   Inventories                   76.10      69.64
       the Company incurring any obligation
       (shop in a shop model).                     Trade Debtors                 48.98      54.60
                                                   Other Assets                  22.36      12.70
                                                   Total Assets                  308.25    304.82
                                                   Net Shareholder's Equity      130.56    134.81
                                                   Minority Interest              1.92      0.82
                                                   L-T Bank Loans                42.18      44.77
                                                   S-T Bank Loans                33.76      29.59
                                                   Other Liabilities             101.75     95.65
                                                   Total Liabilities             177.69    170.01
                                                   Total Equity & Liabilities    308.25    304.82




Notos Com                                                                                           26
Financial Results – H1:06
      Consolidated Turnover per Business Activity

                                    55.18
                      60
                             49.82
                      50
                                                                   40.72 42.88
                      40
                                                        25.78
                                                27.16
                      30
                                                                                          14.59
                      20                                                          13.31                                   9.56

                      10                                                                                   2.57    4.70             -2.98
                                                                                                    2.78                                    -6.10
                       0
                            Notos Galler ies    C osmetics &       Wholesale     Retail A ppar el    Stationer y   Inter national   Elimination       Elimination
                                               P er sonal C ar e    A ppar el                                       Subsidiar ies   Intr agr oup    Intr aunit Sales
                     -10                                                                                                               Sales
                                                                                                                                                     -10.86
                     -20                                                                                                                                 -12.66
                             10.76%               -5.08%           5.30%           9.62%            -7.55%         103.40%          104.42%         16.57%

                                                                                 6m 2005              6m 2006




       Notos Galleries, Wholesale as well as Retail Apparel posted good growth rates year-on-year. International
       Subsidiaries demonstrated the highest turnover growth.
Notos Com                                                                                                                                                              27
Financial Results – H1:06
      Consolidated Turnover per Business Activity

                                    6M 2006 (%)                                                   6M 2005 (%)
                                    International
                      Stationery;
                                    Subsidiaries;
                        1.71%
                                       6.35%                                                  Stationery; International
                                                      Notos Galleries;      Retail Apparel;
                                                                                                2.01%     Subsidiaries;   Notos Galleries;
                                                         36.65%                 9.61%
Retail Apparel;                                                                                              3.39%           35.97%
    9.69%




    Wholesale                                                               Wholesale
 Apparel; 28.48%                                                         Apparel; 29.40%

                                                     Cosmetics &
                                                    Personal Care;
                                                       17.12%                                                    Cosmetics &
                                                                                                                Personal Care;
                                                                                                                   19.61%




      Department Stores, Apparel and Cosmetics remained the major contributors in total consolidated turnover during H1
      2006.


Notos Com                                                                                                                        28
Financial Results – H1:06
      Consolidated Gross Profit per Business Activity

            18                       16.82   15.87
                                                     15.81 15.88
                   15.00 15.29
            16
            14
            12
            10                                                              7.66
                                                                    6.82
             8                                                                                            4.77
             6
             4                                                                                     2.34             -0.15
                                                                                     0.85
             2                                                                              0.74                          -0.46
             0
                   Notos Galleries    Cosmetics &    Wholesale     Retail Apparel    Stationery    International     Elimination
            -2                       Personal Care    Apparel                                       Subsidiaries   Intraunit Sales


                      1.93%          -5.65%           0.44%         12.32%           -12.94%       103.85%         206.67%
                                                       6m 2005             6m 2006



            Retail Apparel experienced the strongest gross profit growth year-on-year among the major gross profit
            contributors. International subsidiaries, although with limited contribution, posted an annual growth of
            103.85%.
Notos Com                                                                                                                            29
Financial Results – H1:06
    Consolidated GP Margin per Business Activity



              70%                         61.93%
                                                   61.56%
              60%                                                              52.50%                         49.90%
                                                                         51.24%                         49.79%
              50%                                               37.03%
                                                          38.83%
                                                                                               28.79%
              40%             27.71%
                        30.11%                                                            30.58%
              30%
              20%
                                                                                                                                 3.63%
              10%                                                                                                        1.38%

                0%
                        Notos Galleries    Cosmetics &      Wholesale    Retail Apparel    Stationery    International     Elimination
                                          Personal Care      Apparel                                      Subsidiaries   Intraunit Sales

                                                             6m 2005            6m 2006




            Retail apparel and international subsidiaries experienced an improvement in gross profit margin, whereas
            cosmetics and personal care posted minor deteriorations.

Notos Com                                                                                                                                  30
Financial Results – H1:06
     Consolidated Gross Profit Contribution per Business Activity

                                  Gross Profit Breakdown - 6M 2006 (%)                                                          Gross Profit Breakdown - 6M 2005 (%)
                                      International
                                   Subsidiaries; 7.98%            Notos Galleries;
                                                                                                                                                   International
                                                                     25.59%
              Stationery; 1.24%                                                                                                                 Subsidiaries; 4.07%   Notos Galleries;
                                                                                                                            Stationery; 1.48%                            26.09%
    Retail Apparel;                                                                                       Retail Apparel;
       12.82%                                                                                                11.86%




            Wholesale Apparel;                                                 Cosmetics & Personal
                 26.58%                                                           Care; 26.56%
                                                                                                      Wholesale Apparel;
                                                                                                                                                                                 Cosmetics &
                                                                                                           27.50%
                                                                                                                                                                                Personal Care;
                                                                                                                                                                                   29.26%




        Apparel (wholesale and retail), Cosmetics, and Department Stores were the major contributors in total consolidated
        gross profit during H1 2006.


Notos Com                                                                                                                                                                                 31
Financial Results – H1:06
      Consolidated EBITDA per Business Activity



             14                                       11.63
                                                          10.82
             12
             10
              8
                                        5.35
              6         3.25 1.98              4.31
              4                                                       0.85                                  1.02
                                                                          1.12       0.05            0.55
              2
              0
             -2     Notos Galleries    Cosmetics &    Wholesale     Retail Apparel   Stationery     International     Elimination
                                      Personal Care    Apparel                              -0.21    Subsidiaries   Intraunit Sales
             -4
             -6                                                                                                     -3.22

                                                          6m 2005        6m 2006                                            -4.10




            Retail apparel and international subsidiaries experienced an improvement in EBITDA, whereas cosmetics
            and personal care posted minor deteriorations.

Notos Com                                                                                                                       32
Financial Results – H1:06
       Consolidated Turnover per Geographic Market

                       119.95
                  122.23

                                       1.63                                                                                       1.70
                                                           1.36
                                1.40            1.44
                                                                                                                                            1.30
                                                        1.15                                         0.97
                                              1.04


                                                                     0.51
                                                                  0.45                      0.25
                                                                                   0.10
                                                                                                                0.09     0.17                          0.04
                                                                            0.12          0.17     0.22
                                                                                                             0.13
                                                                                                                       0.02     0.00     0.00       0.00

                     Greece     Bulgaria    Czech       Cyprus    Poland    Slovakia Romania       Austria   Hungary   Skopje   Turkey    Croatia   Slovenia
                                           Republic

                     1.90%       16.43%        38.65%   18.26%     13.33%                 47.06%    340.91%            750%

                                                                             6m 2005               6m 2006




     Greece is a relatively mature market, whereas strong growth rates were seen in Austria, Poland, Czech Republic and Romania



Notos Com                                                                                                                                                      33
Financial Results – H1:06
      Outlook-2006


            The Group aims at sustaining and gradually improving its market shares in the relatively mature Greek
            market.

            The domestic network of retail stores will increase by 4 new points of sale until year-end, 3 of which in the
            new Mall in Northern Greece.

            Notos Com will continue to actively manage the operation of its retail network taking advantage of its
            broad range of branded products in the apparel sector.

            The Group strongly focuses on further expansion in the international markets, by constantly broadening its
            network of stores.

            Two new small size Notos Galleries Department Stores will open by mid October 2006 being the 1 st step
            towards expansion of the department store business outside the metropolitan areas into smaller cities.




Notos Com                                                                                                                   34
Financial Results – H1:06
Appendix




           35
                                                                Subsidiaries & Affiliates

                                       NOTOS COM
                                          NOTOS COM
                                       HOLDINGS S.A.
                                        HOLDINGS S.A.

    LANCASTER GROUP HELLAS S.A.                          YSL BEAUTE S.A.
                    49%                                          49%



NOTOS INTERNATIONAL Ltd                                 NOTOS CYPRUS Ltd
             100%                                                51%

                                                            APIVITA S.A.
            NOTOS BULGARIA Ltd                                 33,73%
                     100%
                                                        PALLIS STORES S.A.
               Notos Com CZ Sro                                  50,1%
                        70%

              Notos HUNGARY Kft                           PALLIS OFFICE SUPPLIES S.A.
                       80%                                                100%

              Notos ROMANIA Srl                            DARNEKS S.A.
                       51%                                      31%

             Notos SLOVAKIA Sro
                       51%

           Notos POLSKA Sp. Zo.o
                      100%

   Notos Textilhandel Gmbh (AUSTRIA)
                        100%

         Notos Skopje doo (FYROM)
                        100%

            NOTOS COM doo (CROATIA)
                     51%

        NOTOS COM doo (SLOVENIA)                                                        36
                      51%
                                                                                       Organizational Chart


                                      BOARD OF DIRECTORS                                             GROUP
                                                                                                    FINANCE

                                                                            Internal
                                                                              Audit
                                       EXECUTIVE COMMITTEE
                                                                                                       GROUP
                                                                                                     ACCOUNTING
                                                                                                     & TAXATION
                                                                       STAFF POSITIONS


                                                                                                         GROUP
                                                                                                       TREASURY
                                                                                                      & INVESTOR
                                                                                                      RELATIONS




                           SBU 3                                                                         GROUP

   SBU 1                  Retail of                        SBU 5                                    ADMINISTRATION
                                                          Stationery                    Central      & PURCHASING
 Cosmetics /              Apparel /
Personal Care             Footwear


                                                                                                        GROUP
                                                                                                        BUDGET

                SBU 2
                                           SBU 4                          SBU 6
           Wholesale of
                                      Department Stores                International
            Apparel /                                                                               GROUP
                                                                        Subsidiaries
            Footwear                                                                                  HR

                                                                                                            37
                                                  Board of Directors

Executive Members
Christos Papaellinas            (Chairman)
Alexandros Stratos              (Vice Chairman)
George Papazoglou               (Managing Director)
Michalis Papaellinas            (Vice Managing Director)
Barbara Vernikou                (Member)
Aristides Gounaras              (Member)


Non-Executive Members
Demetrios Frangetis     (Director of the Remuneration Committee)
Nicolaos Kaloyannis
Gerasimos Vasilatos     (Director of the Internal Audit Committee)


                                                                38
                                                                                                                                      Stock Performance

                                 Notos Com vs G.I. vs FTSE 40 (52 weeks)


                                                                                                                         Indexes:
                170
                                                                                                                         FTSE - International
                150
                                                                                                                         FTSE Mid Cap – 40
                130
                                                                                                                         ICB Classification – Subsector 5373 Broadline
                110
                                                                                                                         Athens Stock Exchange General Index
                    90
                                                                                                                         FTSE All World Index
                    70
                                                                                                                         FTSE World Index ex- Multinationals
                    50
                                                                                                                         FTSE Euro Small Cap
                                                                                                                         FTSE Med – 100




                                                                                            6

                                                                                                 6
                             5

                                   5

                                        5




                                                                  6




                                                                                    6
                05




                                              06

                                                   06

                                                         06




                                                                      06

                                                                             06




                                                                                           0

                                                                                                 0
                         00

                                 00

                                       00




                                                                00




                                                                                   00
                0




                                             0

                                                   0

                                                         0




                                                                      0

                                                                           0



                                                                                        20

                                                                                               20
                                                                                                                         Eurobank Mid Cap Private Sector – 50
                    /2

                              /2

                                   /2




                                                             /2




                                                                               /2
               /2




                                           /2

                                                 /2

                                                       /2




                                                                    /2

                                                                          /2




                                                                                       /

                                                                                             /
                    0

                             1

                                   2




                                                            3




                                                                               6
    /9




                                       /1

                                              /2

                                                    /3




                                                                /5

                                                                      /6




                                                                                   07

                                                                                           08
                /1

                         /1

                                 /1




                                                         0/




                                                                             0/
9




                                       3

                                             1

                                                   1




                                                                4

                                                                      1




                                                                                   /

                                                                                        /
               7

                     7

                              5




                                                       3




                                                                          3

                                                                               28

                                                                                       28
                                                                                                                         Average Daily Time Spread =0,66%
                                             NOTOS COM                G.I.             FTSE 40                           (01/04/2006 - 31/08/2006)

                                            NOTOS COM - Price, Volume 52 weeks
                                                                                                                         Dividends
                22,000                                                                               4
                20,000
                                                                                                                         Dividend Yield : 3,45%
                18,000
                16,000
                                                                                                         Closing Price
Volume('000)




                14,000
                12,000
                                                                                                     3
                                                                                                                         Dividend 2006=€ 0.12
                10,000
                 8,000
                 6,000
                 4,000
                 2,000
                         0                                                                           2
                   10 05




                           06

                           06


                   / 3 06




                           06


                   / 6 06
                            5

                            5

                  3/ 005




                            6




                            6

                           06

                           06
                         00

                         00




                         00




                         00

                        20

                        20
                7/ 20




                        20

                        20

                        20




                        20

                        20
                      /2

                      /2

                      /2




                      /2




                      /2
                     9/




                     1/

                     2/

                     3/




                     5/

                     6/




                     7/

                     8/
                   11

                   12
                  9/




                  1/

                  1/




                  4/

                  1/




                 /0

                 /0
                30




                30
                7/

                5/




               28

               28




                                                                                                                                                               39
                                             Shareholder Composition




                    Share Holding (07/09/'06)

         Public                                     Management
        26.81%                                       40.92%




    Home
Institutionals
  11.40%
                                           Trusts
                    Foreign                6.38%
                  Institutionals
                    14.49%




                                           FREE FLOAT = 59.08 %


                                                                  40
                                                        Human Resources


                           Headquarters
                           Clothing Wholesale
                           Clothing Retail
                           Department Stores
                           Stationery
                54
      251 119
                           Cosmetics

                           International Subsidiaries
164             272
                           Joint Ventures




531
                719
      50



                        Total Personnel =2160
                      Management & Administration = 25%
                      Beauticians =          33%
                      Salesmen =          42%


                                                                  41
  Visit us at
www.notoscom.gr
            Contacts

         G. Katsaros

          Head Offices,
        6 Menexedon St.
         145 64 Kifissia

     Tel: + 30 210 8007300
     Fax:+ 30 210 8074579
  email: gkatsaros@notos-com.gr



                                  42

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:7
posted:9/1/2011
language:English
pages:42