Information Technology (IT) Equipment and Services in Greece: A Strategic Reference, 2007

Information Technology (IT) Equipment and Services in Greece: A Strategic Reference, 2007

Edited by

Philip M. Parker, Ph.D. Eli Lilly Chair Professor of Innovation, Business and Society INSEAD (Fontainebleau & Singapore)

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Table of Contents 1

INTRODUCTION & METHODOLOGY.............................................................................1

1.1

What Does This Report Cover?

1

1.2

How to Strategically Evaluate Greece

1

1.3

Latent Demand and Accessibility in Greece

3

2

INFORMATION TECHNOLOGY (IT) EQUIPMENT AND SERVICES IN GREECE 5

2.1

Latent Demand and Accessibility: Background

5

2.2

Latent Demand: Market Composition

5

2.3 Latent Demand: Leading Segments 8 2.3.1 Wireless Communication ........................................................................................................................... 9 2.4

Accessibility: The Structure of Competition

9

2.5

Import Climate

10

2.6

Accessibility: Standards

10

2.7

Accessibility: Financing Strategies

10

2.8

Accessibility: Trade Events

10

2.9

Key Contacts

11

3 FINANCIAL INDICATORS: COMPUTER PROGRAMMING, DATA PROCESSING AND COMPUTER RELATED SERVICES..............................................................................12 3.1 Overview 12 3.1.1 Financial Returns and Gaps in Greece ..................................................................................................... 13 3.1.2 Labor Productivity Gaps in Greece .......................................................................................................... 16 3.1.3 Limitations and Extensions ...................................................................................................................... 16 3.2 Financial Returns in Greece: Asset Structure Ratios 17 3.2.1 Overview .................................................................................................................................................. 17 3.2.2 Assets – Definitions of Terms .................................................................................................................. 17 3.2.3 Asset Structure: Outlook .......................................................................................................................... 20 3.2.4 Large Variances: Assets ........................................................................................................................... 21 3.2.5 Key Percentiles and Rankings .................................................................................................................. 24 3.3 Financial Returns in Greece: Liability Structure Ratios 39 3.3.1 Overview .................................................................................................................................................. 39 3.3.2 Liabilities and Equity – Definitions of Terms .......................................................................................... 39 3.3.3 Liability Structure: Outlook ..................................................................................................................... 41 3.3.4 Large Variances: Liabilities ..................................................................................................................... 42 3.3.5 Key Percentiles and Rankings .................................................................................................................. 45 3.4 Financial Returns in Greece: Income Structure Ratios 58 3.4.1 Overview .................................................................................................................................................. 58 www.icongrouponline.com

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Contents 3.4.2 3.4.3 3.4.4 3.4.5

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Income Statements – Definitions of Terms .............................................................................................. 58 Income Structure: Outlook ....................................................................................................................... 60 Large Variances: Income.......................................................................................................................... 61 Key Percentiles and Rankings .................................................................................................................. 64

3.5 Financial Returns in Greece: Profitability Ratios 79 3.5.1 Overview .................................................................................................................................................. 79 3.5.2 Ratios – Definitions of Terms .................................................................................................................. 79 3.5.3 Ratio Structure: Outlook .......................................................................................................................... 81 3.5.4 Large Variances: Ratios ........................................................................................................................... 82 3.5.5 Key Percentiles and Rankings .................................................................................................................. 85 3.6 Productivity in Greece: Asset-Labor Ratios 100 3.6.1 Overview ................................................................................................................................................ 100 3.6.2 Asset to Labor: Outlook ......................................................................................................................... 101 3.6.3 Asset to Labor: International Gaps......................................................................................................... 102 3.6.4 Key Percentiles and Rankings ................................................................................................................ 105 3.7 Productivity in Greece: Liability-Labor Ratios 120 3.7.1 Overview ................................................................................................................................................ 120 3.7.2 Liability to Labor: Outlook .................................................................................................................... 121 3.7.3 Liability and Equity to Labor: International Gaps.................................................................................. 122 3.7.4 Key Percentiles and Rankings ................................................................................................................ 125 3.8 Productivity in Greece: Income-Labor Ratios 138 3.8.1 Overview ................................................................................................................................................ 138 3.8.2 Income to Labor: Outlook ...................................................................................................................... 139 3.8.3 Income to Labor: Gaps ........................................................................................................................... 140 3.8.4 Key Percentiles and Rankings ................................................................................................................ 143

4 4.1

MACRO-ACCESSIBILITY IN GREECE........................................................................158 Executive Summary

158

4.2 Political Risks 159 4.2.1 Political Issues Affecting the Business Climate ..................................................................................... 159 4.3 Marketing Strategies 159 4.3.1 Distribution Channel Options................................................................................................................. 159 4.3.2 Licensing Options .................................................................................................................................. 160 4.3.3 Agents and Distributors.......................................................................................................................... 160 4.3.4 Creating a Sales Office........................................................................................................................... 160 4.3.5 Selling Strategies.................................................................................................................................... 161 4.3.6 Advertising Options ............................................................................................................................... 161 4.3.7 Pricing Issues.......................................................................................................................................... 161 4.3.8 Credit...................................................................................................................................................... 162 4.3.9 Government Procurement....................................................................................................................... 162 4.3.10 E-Commerce........................................................................................................................................... 163 4.4 Import and Export Regulation Risks 163 4.4.1 Trade Barrier Risks ................................................................................................................................ 163 4.4.2 Valuations on Imports ............................................................................................................................ 164 4.4.3 Labeling Issues....................................................................................................................................... 164 4.4.4 Local Standards ...................................................................................................................................... 165

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Contents 4.4.5 4.4.6

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Additional Trade Issues.......................................................................................................................... 165 Free Trade Zone Options........................................................................................................................ 165

4.5 Investment Climate 165 4.5.1 Openness to Foreign Investment ............................................................................................................ 165 4.5.2 Conversion and Transfer Policies........................................................................................................... 166 4.5.3 Expropriation and Compensation ........................................................................................................... 166 4.5.4 Dispute Settlement ................................................................................................................................. 167 4.5.5 Performance Requirements and Incentives ............................................................................................ 167 4.5.6 Right to Private Ownership and Establishment ...................................................................................... 168 4.5.7 Intellectual Property Risks ..................................................................................................................... 168 4.5.8 Transparency of the Regulatory System................................................................................................. 169 4.5.9 Capital Market Risks .............................................................................................................................. 169 4.5.10 Political Violence ................................................................................................................................... 170 4.5.11 Corruption .............................................................................................................................................. 170 4.5.12 Bilateral Investment Agreements ........................................................................................................... 170 4.5.13 OPIC and Other Investment Insurance................................................................................................... 171 4.5.14 Labor ...................................................................................................................................................... 171 4.5.15 Free Trade Zones and Free Ports............................................................................................................ 171 4.6 Trade and Project Financing 172 4.6.1 The Banking System .............................................................................................................................. 172 4.6.2 Foreign Exchange Control Risks............................................................................................................ 172 4.6.3 General Financing Availability .............................................................................................................. 172 4.6.4 Financing Export Strategies ................................................................................................................... 173 4.6.5 U.S. Banks in Greece ............................................................................................................................. 173 4.7 Travel Risks 173 4.7.1 Infrastructure for Conducting Business.................................................................................................. 174 4.7.2 Country Data .......................................................................................................................................... 174 4.8 Key Contacts 175 4.8.1 Greek Government ................................................................................................................................. 175 4.8.2 Trade and Industry Associations ............................................................................................................ 183 4.8.3 Market Research Firms .......................................................................................................................... 185 4.8.4 National Dailies and Business Magazines.............................................................................................. 188 4.8.5 Commercial Banks ................................................................................................................................. 192 4.8.6 U.S. Government Contacts ..................................................................................................................... 194 4.8.7 U.S.-Based Multipliers ........................................................................................................................... 196

5

DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS .........199

5.1

Disclaimers & Safe Harbor

199

5.2

Icon Group International, Inc. User Agreement Provisions

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1 1.1

INTRODUCTION & METHODOLOGY WHAT DOES THIS REPORT COVER?

The primary audience for this report is managers involved with the highest levels of the strategic planning process and consultants who help their clients with this task. The user will not only benefit from the hundreds of hours that went into the methodology and its application, but also from its alternative perspective on strategic planning relating to information technology (it) equipment and services in Greece. As the editor of this report, I am drawing on a methodology developed at INSEAD, an international business school (www.insead.edu). For any given industry or sector, including information technology (it) equipment and services, the methodology decomposes a country’s strategic potential along four key dimensions: (1) latent demand, (2) micro-accessibility, (3) proxy operating pro-forma financials, and (4) macro-accessibility. A country may have very high latent demand, yet have low accessibility, making it a less attractive market than many smaller potential countries having higher levels of accessibility. With this perspective, this report provides both a micro and a macro strategic profile of information technology (it) equipment and services in Greece. It does so by compiling published information that directly relates to latent demand and accessibility, either at the micro or macro level. The reader new to Greece can quickly understand where Greece fits into a firm’s strategic perspective. In Chapter 2, the report investigates latent demand and micro-accessibility for information technology (it) equipment and services in Greece. In Chapters 3 and 4, the report covers proxy operating pro-forma financials and macro-accessibility in Greece. Macroaccessibility is a general evaluation of investment and business conditions in Greece.

1.2

HOW TO STRATEGICALLY EVALUATE GREECE

Perhaps the most efficient way of evaluating Greece is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance to information technology (it) equipment and services are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).

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Introduction & Methodology

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Framework for Prioritizing Countries Demand/Market Potential Driven Firm

High

Highest Priority

High Priority Latent Demand

Moderate Priority Low Priority

Low

Lowest Priority Low

High Relative Accessibility

Accessibility/Supply Averse Firm High Highest Priority High Priority Latent Demand

Moderate Priority Low Priority Lowest Priority

Low High

Low Relative Accessibility

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Introduction & Methodology

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In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market – neither a market-driven nor a costdriven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).

1.3

LATENT DEMAND AND ACCESSIBILITY IN GREECE

This report provides a detailed overview of factors driving latent demand and accessibility for information technology (it) equipment and services in Greece. Latent demand is largely driven by economic fundamentals specific to information technology (it) equipment and services. This topic is discussed in Chapter 2 using work carried out in Greece on behalf of American firms and authored by the United States government (typically commercial attachés or similar persons in local offices of the U.S. Department of State). I have included a number of edits to clarify the information provided. Latent demand only represents half of the picture. Chapter 2 also deals with micro-accessibility for information technology (it) equipment and services in Greece. I use the term “micro” since the discussion is focused specifically on information technology (it) equipment and services. Chapter 3 is also a stand-alone report that I have authored. It covers proxy pro-forma financial indicators of firms operating in Greece. I use the word “proxy” because the provided figures only cover a “what if” scenario, based on actual operating results for firms in Greece. The numbers are only indicative of an average firm whose primary activity is in Greece. It covers a vertical analysis of the maximum likelihood balance sheet, income statement, and financial ratios of firms operating in Greece. It does so for a particular Standard Industrial Classification (SIC) code. That code covers “computer programming, data processing and computer related services”, as defined in Chapter 3. Again, while “computer programming, data processing and computer related services” does not exactly equate to “information technology (it) equipment and services”, it nevertheless gives an indicator of how Greece compares to other countries for a proxy adjacent category along various dimensions. Chapter 4 deals with macro-accessibility and covers factors that go beyond information technology (it) equipment and services. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Greece: •

Openness to Trade in Greece

•

Openness to Direct Investment in Greece

•

Local Marketing and Entry Strategy Alternatives

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Introduction & Methodology

•

Local Human Resources

•

Local Risks

4

Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are covered in the Chapter 4, which is a general overview of investment and business conditions in Greece. Chapter 4 is also presented from the perspective of an American firm, though is equally applicable to most firms entering Greece. This chapter is also authored by local offices of the U.S. government, as is Chapter 2. Likewise, I have included a number of edits to clarify the provided information as it relates to the general strategic framework mentioned earlier.

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2

INFORMATION TECHNOLOGY (IT) EQUIPMENT AND SERVICES IN GREECE

2.1

LATENT DEMAND AND ACCESSIBILITY: BACKGROUND

This report analyzes the market conditions and potential business opportunities for U.S. firms in the Information Technology (IT) sector in Greece. The value of the Greek IT Market in 2006 is estimated to be U.S. $2.8 billion. Moreover, it is estimated that the sector’s growth rate will increase 4% in 2006, with sales estimated at $6.5 billion and profits at $384.7 million. In addition, a steady rate of growth in the IT sector during the past five years represents solid potential for future sales expansion. In 2005, the Greek IT market approached U.S. $1.9 billion in revenues. There are 4,600 IT-related enterprises in Greece that employ 30,000 people. Many of the largest IT consumers in the Greece are state-owned companies. The EU provides almost 70% of the funding for the Government of Greece’s (GOG) IT projects. Under the EU’s operational program “Information Society” funded by 3rd Community Support Framework (3CSF), further investment of $3.4 billion is expected. Sales of computer systems are expected to reach €768 million, an increase of 5.3% from 2005. There will be an even greater increase in sales of servers and laptops. Sales in the software sector are expected to be between $370-390 million, which represents an increase of 7.3% over 2005. Greece is a service-oriented market, and IT applications in the areas of tourism and transportation are in demand. Major GOG IT projects include public administration, tax system (TAXIS), hospitals and the creation of a planned National Land Registry by the Ministry of the Environment, Planning and Public Works. Most of the projects are to be completed by 2010. Additionally, the prefectures of Greece must establish a department to support schools in information science and technology, as well as provide training programs for teachers in office automation, multimedia, and the Internet. For a number of reasons, Greece is one of the most challenging IT markets in the European Union (EU). U.S. companies interested in pursuing these IT opportunities are advised to partner with a local Greek firm to facilitate access and further expansion into the Greek market as well as the broader Balkan and Middle East markets.

2.2

LATENT DEMAND: MARKET COMPOSITION

There is a strong PC assembly industry in Greece, which accounts for 60% of the Greek hardware market. Three local firms dominate: •

Quest Group.

•

Pouliades and Associates.

•

Altec Group.

The domestic software market is also large, growing and highly competitive and almost 55% of the total software distributed in Greece is produced locally. The major domestic producers are: •

Singular.

•

DIS-Computer Logic.

•

UNISOFT.

•

INTRASOFT.

•

BYTE Computer SA.

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Information Technology (IT) Equipment and Services •

MLS Pliroforiki.

•

01 Pliroforiki SA.

•

InfoQuest SA.

•

lason Pliroforiki SA.

•

EnterSoft SA.

6

The new generation of technological services, i.e., security, outsourcing services, development of international standards, mobile services, e-government, e-business for small enterprises, wireless networks, WIFI and WIMAX services, digital television, transmission of image, sound, video and data through mobile phones, e-commerce are needed in Greece. Further, the EU’s digital strategy program (i2010) forecasts investments in broadband networks, development of digital content and expansion of relevant services, research and innovation, creation of common European channels for the exchange of digital content, and development of digital television without local restrictions. EITO estimates that the growth rate of Information Technology and Communication market in Greece in 2006 will grow to 3.7% from 3.6% in 2005. It is probably one of the few years that EITO expects that the growth rate of the Information Technology market in 2006 to exceed the Communications growth rate.

Market Analysis (€ Billions)

Fast IT sector growth has enormous economic potential and promises huge benefits. Greece has the smallest IT sector as a percentage of its economy in the EU, but Greece has the highest piracy rate. By reducing its software piracy rate, Greece between 2004 and 2007 can accelerate its future IT growth to 60% instead of the projected 53%. Decreasing Greece’s piracy rate to 52% would add $411 million to its economy, create 1,300 more jobs, and increase www.icongrouponline.com

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Information Technology (IT) Equipment and Services

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local industry revenues by more than $261 million. That, in turn, would generate an additional $130 million in tax revenue.

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Information Technology (IT) Equipment and Services

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Market Analysis (€ Millions)

2.3

LATENT DEMAND: LEADING SEGMENTS

During the three year period 2006-2008, Greece’s main objectives in its digital strategy is to introduce new generation networks and increase the utilization of fast Internet to at least 7% of the Greek population. The General Directorate of Corporate and Domestic Clients of the Hellenic Telecommunications Organization (OTE) estimates that by the end of 2008, OTE subsidiary OTENET will have 800,000 ADSL subscribers if the company upgrades broadband speed to 4Mbps in 2007 to provide triple play services. Greece’s Internet penetration is 35% of the population with almost 96% of Greek businesses having Internet access. The typical Greek Internet user is 13-35 years old and well educated.

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It is anticipated that ADSL connections with greater speed will increase the number of Internet users. The prospects for 3G growths remain uncertain, while 2.5G applications are increasingly popular in Greece. As a result, mobile data revenues still comprise only a minor proportion of Average Revenue Per User (ARPU), and operators now face the task of persuading significant numbers of customers to adopt relatively expensive data-rich applications. Government officials claim that during the last half of 2004, several IT projects, budgeted at €100 million, were approved for the public sector, most for upgrades included in the “Information Society” project. During the period 2003-2008, it is expected that approximately $2 billion will be spent on IT projects through the “Information Society” program included in the 3rd Community Support Framework. Some industry sources state that there are task forces working on the so-called “eGovernment Beyond 2005” project, which makes the need for a well-structured Strategic Plan for the “Information Society” an imperative in Greece. These developments are part of the budget, which will be incorporated into the EU’s 4th CSF. The new “Digital Strategy 2006-2013” project places IT high on Greece’s agenda and treats new technologies as a strategic priority for Greece for this period, adhering to the principles of the “i2010” action plan. The “Digital Strategy 2006-2013” project, using funds from the 3CSF and under the coordination of the Information Technology Committee, will further the use of the Internet and digital services by the public sector, small and medium size businesses and private users by creating gateways and expanding broad banding. Also the “SYZEFXIS”, project that is developing a large-scale Virtual Private Broadband Network for the public sector, has been initiated. The “SYZEFXIS” project involves the procurement of services under a Service Level Agreement (SLA) for 3 years, aggregates demand and improves the overall efficiency of public administration. It interconnects almost 1,800 points of the public administration with a provision for 700 additional points (total budget of almost $112 million). Emphasis, while primarily on PCs and peripherals, also is focused on services, software and the Internet. As is obvious, this leaves considerable room for expansion and creates numerous business opportunities for U.S. firms. Additionally, Greece offers the availability of well-trained engineers and professionals with a considerably high level of expertise, along with funds from the EU.

2.3.1

Wireless Communication

According to industry analysts, there will be a rush to install wireless networks in Greece. Wireless trunk equipment, digital broadcasting systems, DECT, and other alternative network solutions that allow operators to create a network without cable are already in demand. Industry experts predict that NETSCAPE, NetCom, Orckit, Digi-Cash and FTP networking software will have excellent sales prospects in Greece. Domestic broadband access providers include OTE, EUROPROM, INFO-QUEST. All operate in the 3.5 GHz frequency band.

2.4

ACCESSIBILITY: THE STRUCTURE OF COMPETITION

Many Greek companies import IT components from the U.S. and the Far East. Moreover, there is a little local production of computer networking technology equipment. According to trade sources, there is a very limited presence of French, German, and Israeli companies, despite their geographic proximity and knowledge of the Greek market. Some Far East and Japanese manufacturers have captured a limited market share. U.S. IT products account for almost 55% of the import market. Principal equipment imported from the U.S. includes PCs, servers, printers, modems, multiplexing equipment and related software. www.icongrouponline.com

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On February 2, 2006 in Lisbon, the Greek Government signed an agreement with Microsoft Corporation, which stipulates that Microsoft will provide to Greece equal treatment as it provides to other EU countries. The agreement also provides preferential financial terms for the purchase of Microsoft user licenses, the free use of software at home by public sector employees and software training. In addition, the company will establish an innovation center (Microsoft Innovation Center) in Greece, where executives of Greek software companies will be trained in the development of business solutions based on Microsoft systems. By 2008, Microsoft will create ten centers to offer training on Microsoft applications in high unemployment areas.

2.5

IMPORT CLIMATE

There are no restrictions and no non-tariff barriers on imports of goods and services from the U.S. Greece applies the EU harmonized tariff schedules on imports of networking equipment, parts and services from non-EU countries. Greek government agencies, municipal authorities, and government-controlled organizations are now under the EU market legislation and pay duties and surcharges on their imports.

2.6

ACCESSIBILITY: STANDARDS

Electric current in Greece is 220 volts, single phase; and 380 volts, three phases, at a frequency of 50.

2.7

ACCESSIBILITY: FINANCING STRATEGIES

According to trade sources, foreign competitors have been offering complete financial packages for the supply of equipment for various proposed government projects. Regarding the financing of exports to Greece, U.S. firms should be aware that over the past year the GOG has liberalized the import payment process. Banks are now virtually free to finance imports as they see fit, and to make payments in foreign exchange without approval from the Bank of Greece. The import payment process is similar to that used in the rest of Europe, using cash against documents sight drafts, time drafts, and irrevocable letters of credit. Greek banks have extensive correspondent relationships with U.S. banks. Citicorp, Bank of America and American Express have offices in Athens.

2.8

ACCESSIBILITY: TRADE EVENTS

•

ICICTH 2007, Samos, July 2007.

•

International Thessaloniki Fair, September 2007.

•

Infosystem 2007, October 2007.

•

DTE 2007, Athens, November 2007.

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Information Technology (IT) Equipment and Services

2.9

11

KEY CONTACTS

•

www.sepe.gr

•

www.infosoc.gr

•

www.syzefxis.gov.gr

•

www.icap.gr

•

www.eito.com

•

www.ktpae.gr

•

www.bsa.org/hellas

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3

3.1

FINANCIAL INDICATORS: COMPUTER PROGRAMMING, DATA PROCESSING AND COMPUTER RELATED SERVICES OVERVIEW

Is Greece competitive? With the globalization of markets, the increased mobility of corporate assets, and the need for productive human resources, this question has become all the more complex to answer. The financial indicators section was prepared to tackle this question by focusing on certain fundamentals: financial performance and labor productivity. Rather than focus on the economy as a whole, the analysis presented here considers only one sector: computer programming, data processing and computer related services. We are essentially interested in the degree to which firms operating in Greece have fundamentally different financial structures and performance compared to firms located elsewhere. With respect to this view of competitiveness, if one were to invest or operate in Greece, how would the firm’s asset structure likely vary compared to a firm operating in some other country in Europe or average location in the world? In Greece, do firms typically hold more cash and other short term assets, or do they concentrate their assets in physical plant and equipment? On the liability side, do firms operating in Greece have a higher percent of payables compared to other firms operating in Europe, or do they hold a higher concentration of long term debt? The structure of the income statement is also telling. Do firms operating in Greece have relatively higher costs of goods sold, operating costs, or income taxes compared to firms located elsewhere in the region or the world in general? Are returns on equity higher in Greece? Are profit margins greater? Are inventories held longer? The financial indicators section was designed to answer these and similar questions that naturally affect one’s decision to invest or operate in Greece. Again, we are particularly interested in computer programming, data processing and computer related services, and not the economy as a whole. In many instances, people make all the difference. In addition to financial competitiveness, we consider the extent to which labor deployment and productivity in Greece differs from regional and global benchmarks. In this case, we are interested in the amount of labor required to operate a typical business in Greece and the likely returns on this human investment. What is the typical ratio of short-term and long-term assets to employee (employed in computer programming, data processing and computer related services operations)? What are typical capital-labor ratios? How different are these ratios to those in Europe in general and the world as a whole? What are the average sales and net profits per employee in Greece compared to regional benchmarks? The goal of this section is to assist managers in gauging the competitive performance of Greece at the global level for computer programming, data processing and computer related services. With the globalization of markets, greater foreign competition, and the reduction of entry barriers, it becomes all the more important to benchmark Greece against other countries on a worldwide basis. Doing so, however, is not an obvious task. This report generates international benchmarks and measures gaps that might be revealed from such an exercise. First, data is collected from companies across all regions of the world. For each of these firms, data are standardized into comparable categories (assets, liabilities, income and ratios), by country, region and on a worldwide basis. From there, we eliminate all currency effects by standardizing within each category. Global benchmarks are then compared to those estimated for computer programming, data processing and computer related services in Greece. Though we heavily rely on historical performance, the figures reported are not historical but are forecasts and projections for the coming fiscal year.

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Financial Indicators

3.1.1

13

Financial Returns and Gaps in Greece

The approach used in this report to evaluate operating performance for computer programming, data processing and computer related services in Greece is called "vertical analysis." For those unfamiliar with this type of analysis, frequently taught in graduate schools of business, the reader is recommended Jae K. Shim and Joel G. Siegel’s recent book titled Financial Management.1 In their discussion of financial statement analysis and ratios, Skim and Siegel (p. 42-43), describe common-size statement (vertical analysis) as follows: A common-size statement is one that shows each item in percentage terms. Preparation of common-size statements is known as vertical analysis, in which a material financial statement item is used as a base value and all other accounts on the financial statement are compared to it. In the balance sheet, for example, total assets equal 100 percent, and each individual asset is stated as a percentage of total assets. Similarly, total liabilities and stockholders’ equity are assigned a value of 100 percent and each liability or equity account is then stated as a percentage of total liabilities and stockholders’ equity, respectively. … For the income statement, a value of 100 percent is assigned to net sales, and all other revenues and expense accounts are related to it. It is possible to see at a glance how each dollar of sales is distributed among various costs, expenses, and profits. The authors suggest that vertical analyses involve industry-based comparisons. Such a comparison “allows you to answer the question, ‘How does a business fare in the industry?’ You must compare the company’s ratios to… industry norms.” (p. 43-44) This approach is extended to country competitiveness (in this case Greece) for a particular sector (in this case computer programming, data processing and computer related services). This involves calculating country, regional and global norms. This introduction will describe the seven-stage methodology used to perform this analysis. Each stage should be seen as a working assumption behind the numbers presented in later chapters. Stage 1. Industry Classification. This stage begins by classifying the company into an industry. For this, we have relied on a combination of the North American Industry Classification System (NAICS pronounced “Nakes”), a relatively new system for classifying business establishments, and the older Standard Industrial Classification (SIC) system. Adopted in 1997, NAICS codes are the new industry classification codes used by statistical agencies of the United States. NAICS was developed jointly by the U.S., Canada, and Mexico to provide comparability in statistics about business activity across North America. After 60 years of service, the outdated SIC system was retired on October 1, 2000, leaving only the NAICS codes for official use. The NAICS classification system adds some 350 new industries and represents a revision to over 60% of the previous SIC industries. Despite its official retirement, the SIC system is still commonly used (and often reported in firm’s financial statements). For most companies in the world, classification within either the new NAICS or older SIC systems is a rather straight forward exercise. For some, however, it can be problematic. This is true for several reasons. The first being that the SIC or NAICS classification systems are rather broad for many product and industry categories (a firm’s products or services may be only a minor aspect of the classification’s definition). The second is that some firms’ activities span multiple codes. Finally, it is possible that a firm is classified by one source using its SIC code, and by another using its NAICS code, and by a third using both. Furthermore, some sources do not report either code, but instead use qualitative statements of the firm’s activities. Nevertheless, if one wishes to pursue a vertical analysis, some classification needs to take place which selects a peer group. In making this classification, one can rely on a number of sources. In some countries, firms must “self” classify in official periodic reports (e.g. annular reports, 10Ks, etc.) to public authorities (such as the Securities and Exchange Commission). These reports are then open for public scrutiny (e.g. EDGAR filings). In other cases, commercial data vendors or private research firms provide SIC/NAICS codes for specific companies. These include: •

Bloomberg - www.bloomberg.com

1

Skim and Siegel (2000), Financial Management published by Barron’s Educational Series, Inc. (BARON’S BUSINESS LIBRARY Series), ISBN: 0-7641-1402-6. www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators •

14

Datastream (Thomson Financial) - www.datastream.com

•

Dun & Bradstreet - www.dnb.com

•

Hoovers - www.hoovers.com

•

HarrisInfoSource - www.HarrisInfo.com

•

InfoUSA - www.infousa.com

•

Investext (Thomson Financial) - www.investext.com

•

Kompass International Neuenschwander SA. – www.kompass.com

•

Moody's Investors Service - www.moodys.com

•

Primark (Thomson Financial) - www.primark.com

•

Profound (The Dialog Corporation – A Thomson Company) - www.profound.com

•

Reuters - www.reuters.com

•

Standard & Poor's - www.standardandpoors.com

It is interesting to note that commercial vendors often report different qualitative descriptions and industrial classifications from one to another. These descriptions and classifications may also be different from those reported by the firm itself. Anyone hoping to perform a benchmarking study, therefore, has to make a judgment call across these various sources in order to determine a reasonable classification. In this report, we have decided a metaanalytic process, by combining various sources (including linking a classification’s keywords to qualitative descriptions of the firm’s product line). In cases of inconsistency, the most recent or globally comparable available is chosen. Again, the overall goal is to classify firms, which either produce similar products, offer similar services, or are in the same stage of the value chain for a particular industrial classification. In the case of this report, the SIC code selected is: 737 which is defined as “computer programming, data processing and computer related services”. This classification should be seen as a working assumption. In order to obtain a more detailed discussion of this classification, the reader is referred to the Web sites developed by the U.S. Census Bureau: http://www.census.gov/epcd/www/naics.html. Basic definitions and descriptions are provided at: http://www.census.gov/epcd/www/drnaics.htm#q1. A full correspondence table between SIC and NAICS codes, and detailed definitions are given at http://www.census.gov/epcd/www/naicstab.htm. Stage 2. Firm-Level Data Collection. A global search was conducted across over 20,000 companies in over 40 major economies, including Greece, for those that report financials (balance sheet and income statements) and that are involved in computer programming, data processing and computer related services. It should be noted that the public-domain financials can be either historic or projections. It should also be noted that even historic figures can be modified in the future and often represent “estimates” of performance. Stage 3. Standardization. Once collected, public domain financial figures of firms identified in Stage 2 are standardize into comparable categories (assets, liabilities, and income). Again, these are limited to firms involved in some aspect of computer programming, data processing and computer related services (i.e. are members of the value chain). From there, we eliminate all currency effects by standardizing within each category (creating ratios). In order to maintain comparability over time and across countries, vertical analysis is used. In the case of a firm’s assets, we treat the total assets as equaling 100, irrespective of the value of the local currency. All other assets are then calculated as a percent of total assets. In this way, the structure of the firm’s assets can be easily interpreted and compared with international benchmarks. For liabilities, total liabilities and equity are indexed to equal to 100. For the income statement, total revenue is indexed to equal 100, and all other figures are calculated as a percent of these figures. Stage 4. Filtering. Not all the firms selected in Stage 2 or the ratios calculated in Stage 3 are used for the country, regional or global benchmarks, as a number of companies are purposely dropped from the analysis. This is justified by the “outlier” phenomenon that plagues such analysis. The problem lies in that any given company in the benchmarking pool may be facing some exceptional event or may be organized in an exceptional way so as to make

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Financial Indicators

15

its ratios vastly different from the norm. By including such firms, the global benchmarks can be overly skewed. In many countries, firms are organized into holding groups. These groups nominally have very few employees (e.g. 4 to 25 employees), but have extremely large assets, liabilities, or revenues. As such, the inclusion or exclusion of firms having this form of management can affect the ratios and benchmarks reported. Likewise, some firms have no net sales, no assets, no liabilities, or ratios. Others have ratios that appear implausible for a normal or viable company. In order to not allow these firms to affect the global benchmarks, only those firms with reasonable financials have been chosen. Finally, in some countries, detailed financials are not available or are not comparable to either the company in question or the global norm (e.g. various forms of depreciation). In this case, only those which exist and are comparable are reported. The details, therefore, that comprise a given ratio or set of ratios may not be reported. This may lead to the addition of several ratios, not summing to the whole. Stage 5. Calculation of Global Norms. Once the filtering process has eliminated outliers, a final list of companies included is compiled. Based on this list, the ratios discussed in Stage 3 are calculated for every firm, and then averaged to create country, regional and global benchmarks. The world average is calculated using each country’s population as a weight. Stage 6. Projection of Deviations. The goal of this report is not only to estimate raw ratios or averages, but also to present the difference between Greece and projected global averages for that same ratio. Furthermore, it can be insightful to know the location of each ratio within the distribution of the countries represented in Stage 5. These deviations, in fact, can be seen as projections or likely scenarios for the future. This is often true for two reasons. First, while a company’s financials change from year to year, its ratios are often stable. This is especially true for the country, regional and global benchmarks which represent averages across companies. From a purely Bayesian sense, the difference between the company’s recent ratios and the benchmarks are a reasonable prior for future deviations. This is true, even if the entire industry is hit by an external or exogenous shock, such as an oil crisis or economic slowdown. In other words, we assume that the structure of the variance in the industry’s financials remains stable. Second, many of the data are based on preliminary reports that might be changed in future filings. As forecasts, therefore, the numbers derived from these are also forecasts of past and future performance (with associated uncertainties). The calculation of the difference between a country’s ratios and the global benchmarks is meant to yield roughly approximate forecasts, or "useful measures". Within Europe, the reliability of estimates varies from one country to another for those ratios given in tables that report national averages. This is true because reliable source statistics are not available for all countries in Europe. Countries with the highest reliability, or sample sizes after filtering in Stage 4, include Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and United Kingdom. Others are generally econometrically extrapolated using models that use country characteristics (e.g. income per capita) as independent variables (i.e. countries having similar economic structures are assumed to have similar operating ratios). Again, the forecasts are based on the assumption of relative stability. This assumption has proven extremely robust in previous applications of this methodology (i.e. today’s weather is a good predictor of tomorrow’s weather, but not the weather three years from now). The results reported should be viewed as those for a “proto-typical” firm operating in Greece whose primary activity is computer programming, data processing and computer related services. Stage 7. Projection of Ranks and Percentiles. Based on the calculation of deviations, relative ranks and percentiles are calculated across the firms used in the benchmarks. The percentile estimates the percent of a representative sample of countries in the world having values of the ratio lower than Greece. It is important to note that a percentile being high (or low) does not mean good (or bad) past, present or future financial performance. The reader must draw this conclusion on their own. The estimates provided were created to provide managerial insight, and not a recommendation with respect to particular investments within any country. We graphically report, for each part of the financial statement, the larger structural differences between Greece and the regional and global benchmarks, and provide a summary table of ranks and percentiles. These are estimates for firm which would be involved in computer programming, data processing and computer related services. A deviation from the global norm need not be a bad sign. Rather, it is simply a substantial difference that might merit further attention or perhaps signal a country's relative strength or weakness for the coming fiscal year. www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.1.2

16

Labor Productivity Gaps in Greece

In the case of labor productivity measures, this report maintains comparability over time and across countries by using a common currency (the US dollar) and relates each measure to a “per employee basis”. Ratios are projected using raw financial statistics and, as ratios, are therefore comparable. Given a country’s human resource ratios, the resulting figures are benchmarked across regional and global averages. The seven stage approach given above is used in a similar manner. We then report, for each part of the financial statement, the larger labor productivity gaps that Greece has vis-à-vis the worldwide average (for computer programming, data processing and computer related services). Again, a gap need not be a bad sign. Rather, it is simply a substantial difference that might merit further attention or signal a firm’s relative incentive to invest locally. All figures are projections, so due caution is required.

3.1.3

Limitations and Extensions

Shim and Siegal (p. 60) stress that “while ratio analysis is an effective tool for assessing a company’s financial condition,” operating Greece or any other country, “its limitations must be recognized.” They find that (p. 59) “no single ratio or group of ratios is adequate for assessing all aspects of a company’s financial condition” operating in a particular country. The authors note the following limitations associated with ratio analyses which apply to the global benchmarking and vertical analysis presented here (p.60): •

Accounting standards or policies may limit useful comparisons across companies

•

Management accounting practices across companies and countries may not be performed in the same style

•

Ratios are static and do not reveal future trends

•

Ratios do not indicate the quality of the components used to calculate the ratios (i.e. ratios have ambiguous interpretations)

•

Reported ratios may not reflect real values

•

Companies may be highly diversified, limiting the comparability of their ratios to others

•

Industry averages or norms are approximate; finer industry definitions may be required for certain interpretations or comparisons

•

Financial statements and resulting ratios often mean different things to different people depending on their points of view or motivations.

Again, all figures reported here are estimates, so due caution is required. The above caveats, and the fact that statements made in this report are forward-looking, requires that this point be emphasized. A number of intervening factors can have material effect on the ratios and variances forecasted. These include changes in a company's management style, exchange rate volatility, changes in accounting standards, the lack of oversight or comparability in accounting standards, changes in economic conditions, changes in competition, changes in the global economy, changes in source data quality, and similar factors.

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Financial Indicators

3.2 3.2.1

17

FINANCIAL RETURNS IN GREECE: ASSET STRUCTURE RATIOS Overview

In this chapter we consider the asset structure of companies involved in computer programming, data processing and computer related services operating in Greece benchmarked against global averages. The chapter begins by defining relevant terms. A common-size statement, or vertical analysis of assets is then presented for companies operating in Greece and the average global benchmarks (total assets = 100 percent). For ratios where there are large deviations between Greece and the benchmarks, graphics are provided (sometimes referred to as a financial “gap” analysis). Then the distribution of ratios is presented in the form of ranks and percentiles. Certain key vertical analysis asset ratios are highlighted across countries in the comparison group.

3.2.2

Assets – Definitions of Terms

The following definitions are provided for those less familiar with the asset-side of financial statement analysis. As this chapter deals with the vertical analysis and global benchmarking of assets, only definitions covering certain terms used in this chapter’s tables and graphs are provided here . The glossary below reflects commonly accepted definitions across various countries and official sources. •

Accumulated Depreciation - Buildings. Accumulated depreciation is commonly understood as a contra asset account used to report the accumulation of periodic credits to reflect the use of the estimated service life of a fixed asset. Buildings are fixed assets which represent the acquisition and improvement costs of permanent structures owned or held by the company. Such structures typically include office buildings, storage quarters, or other facilities and also associated items such as loading docks, heating and airconditioning equipment, refrigeration equipment, and all other property permanently attached to or forming an integral part of the structure. However, it generally does not include furniture, fixtures, or other equipment which are not an integral part of the building.

•

Accumulated Depreciation - Transportation Equipment. Accumulated depreciation of transportation equipment is commonly understood to be contra asset account used to report the accumulation of periodic credits to reflect the use of the estimated service life of transportation equipment.

•

Accumulated Depreciation -Machinery & Equipment. Accumulated depreciation of machinery and equipment is commonly understood to be contra asset account used to report the accumulation of periodic credits to reflect the use of the estimated service life of machinery and equipment.

•

Buildings. Buildings are defined as fixed assets which represent the acquisition and improvement costs of permanent structures owned or held by the company. Such structures include office buildings, storage quarters, or other facilities and also associated items such as loading docks, heating and air-conditioning equipment, refrigeration equipment, and all other property permanently attached to or forming an integral part of the structure. However, it does not include furniture, fixtures, or other equipment which are not an integral part of the building.

•

Cash. Cash is typically defined as money on hand, on deposit with chartered bank, or held in the form of eligible securities.

•

Current Assets. Current assets are generally defined to be resources which are available, or can readily be made available, to meet the cost of operations or to pay current liabilities.

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18

•

Deferred Charges. Deferred charges are generally understood to represent the amount which has been paid for services already received by the company but has not been charged to operations.

•

Finished Goods. Finished goods generally comprise the ready-for-sale inventory.

•

Intangible Other Assets. Intangible assets are generally understood to be nonphysical assets such as legal rights (patents and trademarks) recorded at their historical cost then reduced by systematic amortization.

•

Investments in Unconsolidated Subsidiaries. Investments in unconsolidated subsidiaries are typically defined as investments for the purpose of generating revenue in subsidiaries whose financial statements are not combined with the company's.

•

land. Land is generally considered to be a fixed asset. If land is purchased, its capitalized value typically includes the purchase price plus costs such as legal fees, filling and excavation costs which are incurred to put the land in condition for its intended use. If land is acquired by gift, its capitalized value typically reflects its appraised value at the time of acquisition. Land typically does not include depletable resources.

•

long Term Receivables. Long-term receivables are commonly defined as amounts due within a period exceeding one year from private persons, businesses, agencies, funds, or governmental units which are expected to be collected in the form of moneys, goods, and/or services.

•

Machinery & Equipment. Machinery and equipment is commonly defined as a fixed asset classification which typically includes tangible property (other than land, buildings, and improvements other than buildings) with a life of more than one year. Such assets typically include office equipment, furniture, machine tools, and motor vehicles. Equipment may be attached to a structure for purposes of securing the item, but unless it is permanently attached to an integral part of the building or structure, it will generally be classified as equipment and not buildings. Equipment is generally defined as tangible property other than land, buildings, or improvements other than buildings, which is used in operations. Examples include machinery, tools, trucks, cars, furniture, and furnishings.

•

Prepaid Expenses. Prepaid expenses are typically defined as those supplies and/or services (not inventory) acquired or purchased but not consumed or used at the end of the accounting period.

•

Progress Payments. Progress payments are commonly defined as periodic payments to a supplier, contractor, or subcontractor for work as it is completed as desired, in order to reduce working capital requirements.

•

Property Plant and Equipment - Gross. Gross property, plant and equipment generally consists of the gross book value (rather than the more commonly-used measures of fixed capital stocks in current or real value), of all commercial buildings, associated land and equipment used therein that are owned by the company and that are either used or operated by the company or leased or rented to others.

•

Property Plant and Equipment - Net. Net PP&E equals the original cost of property, plant, and equipment (PP&E), less accumulated depreciation, depletion and amortization (DD&A).

•

Raw Materials. Raw materials are materials which will be converted by a manufacturer into a finished product.

•

Receivables (Net). Net receivables are defined as the net amount due to the company from private persons, businesses, agencies, funds, or governmental units which is expected to be collected in the form of moneys, goods, and/or services.

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Financial Indicators

19

•

Rental/Lease Property. Rental or leased property is property necessary to the operation of the company and paid for the use of structures, land, roads, rolling stock and equipment.

•

Short Term Investments. Short-term investments are investments which can be typically liquidated in less than one year.

•

Tangible Other Assets. Other tangible assets are commonly understood to be something substantial or real that is capable of being given an actual or approximate value (market or estimated), not classified elsewhere.

•

Total Assets. Total assets are defined as the financial representation of economic resources, the beneficial interest in which is legally or equitably secured to a particular organization as a result of a past transaction or event.

•

Total Inventories. Total inventories are defined as the total amount of goods on hand.

•

Transportation Equipment. Transportation equipment is equipment used for the transportation of goods for sale.

•

Work in Process. Work in progress includes goods which have been started but are not yet ready for sale.

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Financial Indicators

3.2.3

20

Asset Structure: Outlook

Using the methodology described in the introduction, the following table summarizes asset structure benchmarks for firms involved in computer programming, data processing and computer related services in Greece. To allow comparable benchmarking, a common index of Total Assets = 100 is used. All figures are current-year projections for companies operating in Greece based on latest financial results available. Asset Structure Greece Europe World Avg. _________________________________________________________________________________________________________

Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Total Inventories Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investments in Unconsolidated Subsidiaries Other Investments Property Plant and Equipment - Net Property Plant and Equipment - Gross Land Buildings Machinery & Equipment Rental/Lease Property Transportation Equipment Other Property Plant & Equipment Accumulated Depreciation - Total Accumulated Depreciation - Buildings Accumulated Depreciation -Machinery & Equipment Accumulated Depreciation - Rental/Lease Property Accumulated Depreciation - Transportation Equipment Accumulated Depreciation - Other Prop & Equip Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets

21.40 14.17 7.26 39.67 7.77 1.88 1.95 3.44 0.15 0.17 0.13 79.78 0.22 0.36 0.35 23.49 46.24 0.74 3.37 8.21 139.96 0.30 5.03 18.07 1.40 3.18 53.73 0.17 2.27 8.21 3.99 0.02 3.25 100.00

18.36 11.91 8.33 32.42 5.30 2.14 1.57 2.70 0.81 1.04 4.81 61.66 1.22 3.92 2.01 18.52 35.27 1.96 10.23 20.03 48.06 3.06 6.41 15.73 2.97 7.55 20.16 0.95 3.84 11.86 0.79 1.10 10.12 100.00

19.43 9.28 11.78 24.30 6.66 2.22 1.33 2.79 0.89 1.28 3.28 54.42 1.18 4.34 4.13 20.33 36.43 1.69 6.92 14.77 10.02 1.58 10.71 15.09 1.16 4.85 4.57 0.39 4.74 10.81 0.45 1.08 7.06 100.00

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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Financial Indicators

3.2.4

21

Large Variances: Assets

The following graphics summarize for computer programming, data processing and computer related services the large asset structure gaps between firms operating in Greece and the world average. A gap cannot necessarily be interpreted as a positive or negative reflection on performance. Gaps may signal areas of specialization, market focus, or expertise. More contextual information is required to fully interpret these gaps. The gaps highlighted here are simply those that are large.

Gap: Cash 15

14.17 11.91 9.28

10

4.89

5 0 Greece

Europe

World Average

Gap

Gap: Short Term Investments 15 10

11.78 7.26

8.33

5 0 -5 Greece

Europe

World Average

-4.52 Gap

Gap: Receivables (Net) 40

39.67 32.42

30

24.3 15.37

20 10 0 Greece

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Europe

World Average

Gap

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Financial Indicators

22

Gap: Current Assets - Total 80

79.78 61.66

60

54.42

40

25.36

20 0 Greece

Europe

World Average

Gap

Gap: Investments in Unconsolidated Subsidiaries 6

3.92

4 2

4.34

0.36

0 -2 -4 Greece

Europe

World Average

-3.98 Gap

Gap: Property Plant and Equipment - Gross 50

46.24 35.27

40

36.43

30 20

9.81

10 0 Greece

Europe

World Average

Gap

Gap: Machinery & Equipment 25 20 15 10 5 0 -5 -10

20.03 14.77 8.21

-6.56 Greece

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Europe

World Average

Gap

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Financial Indicators

23

Gap: Rental/Lease Property 150

139.96

129.94

100 48.06

50

10.02 0 Greece

Europe

World Average

Gap

Gap: Other Property Plant & Equipment 15 10 5

10.71 5.03

6.41

0 -5

-5.68

-10 Greece

Europe

World Average

Gap

Gap: Accumulated Depreciation - Rental/Lease Property 60

53.73

49.16

50 40 30

20.16

20

4.57

10 0 Greece

Europe

World Average

Gap

Gap: Intangible Other Assets 15 10.12

10 5

7.06 3.25

0 -3.81

-5 Greece

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Europe

World Average

Gap

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Financial Indicators

3.2.5

24

Key Percentiles and Rankings

We now consider the distribution of asset ratios for computer programming, data processing and computer related services using ranks and percentiles. What percent of countries have a value lower or higher than Greece (what is the ratio's rank or percentile)? The table below answers this question with respect to the vertical analysis of asset structure. The ranks and percentiles indicate, from highest to lowest, where a value falls within the distribution of all countries considered in the global benchmark (the number of countries in the benchmark per line item may vary, as indicated in the Rank). Again, a high or low figure does not necessarily indicate good or bad performance. After the summary table below, a few key vertical asset ratios are highlighted in additional tables. Asset Structure

Greece

Rank of Total

Percentile

Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Total Inventories Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investments in Unconsolidated Subsidiaries Other Investments Property Plant and Equipment - Net Property Plant and Equipment - Gross Land Buildings Machinery & Equipment Rental/Lease Property Transportation Equipment Other Property Plant & Equipment Accumulated Depreciation - Total Accumulated Depreciation - Buildings Accumulated Depreciation -Machinery & Equipment Accumulated Depreciation - Rental/Lease Property Accumulated Depreciation - Transportation Equipment Accumulated Depreciation - Other Prop & Equip Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets

21.40 14.17 7.26 39.67 7.77 1.88 1.95 3.44 0.15 0.17 0.13 79.78 0.22 0.36 0.35 23.49 46.24 0.74 3.37 8.21 139.96 0.30 5.03 18.07 1.40 3.18 53.73 0.17 2.27 8.21 3.99 0.02 3.25 100.00

22 of 53 16 of 50 28 of 48 9 of 53 14 of 49 19 of 37 13 of 35 16 of 33 23 of 36 36 of 39 45 of 47 1 of 52 38 of 41 36 of 43 34 of 40 20 of 53 15 of 50 25 of 30 40 of 47 35 of 45 2 of 17 37 of 41 35 of 50 15 of 48 18 of 40 37 of 39 2 of 17 31 of 35 33 of 44 37 of 53 1 of 34 36 of 37 36 of 44

58.49 68.00 41.67 83.02 71.43 48.65 62.86 51.52 36.11 7.69 4.26 98.08 7.32 16.28 15.00 62.26 70.00 16.67 14.89 22.22 88.24 9.76 30.00 68.75 55.00 5.13 88.24 11.43 25.00 30.19 97.06 2.70 18.18

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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Financial Indicators

25

Cash & Short Term Investments Countries

Value (total assets = 100)

Rank

Percentile

49.18 35.01 32.34 31.75 29.89 29.77 29.66 29.43 28.70 28.40 28.31 28.00 27.75 26.29 25.43 25.24 24.20 24.12 22.75 21.40 21.08 20.49 19.51 19.26 19.18 18.42 18.07 17.94 16.95 16.68 16.33 15.89 14.56 12.92 12.51 12.42 12.28 6.96 6.86 6.84 4.84 4.73 3.86 3.75 1.02

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 20 22 23 24 25 26 27 28 29 30 32 33 34 35 36 39 40 41 42 44 45 46 48 49 50 51 53

98.11 96.23 94.34 92.45 90.57 88.68 86.79 84.91 83.02 81.13 79.25 77.36 75.47 73.58 71.70 69.81 67.92 66.04 62.26 58.49 56.60 54.72 52.83 50.94 49.06 47.17 45.28 43.40 39.62 37.74 35.85 33.96 32.08 26.42 24.53 22.64 20.75 16.98 15.09 13.21 9.43 7.55 5.66 3.77 0.00

Region

_________________________________________________________________________________________________________

New Zealand Israel Denmark Sweden Czech Republic Hong Kong Japan Brazil Germany Canada Singapore Chile USA China Norway South Korea Poland Indonesia Russia Greece Finland Australia Italy Malaysia India Netherlands the United Kingdom South Africa Thailand France Switzerland Ireland Belgium Philippines Luxembourg Hungary Austria Portugal Turkey Mexico Spain Peru Pakistan Taiwan Argentina

Oceana the Middle East Europe Europe Europe Asia Asia Latin America Europe North America Asia Latin America North America Asia Europe Asia Europe Asia Europe Europe Europe Oceana Europe Asia Asia Europe Europe Africa Asia Europe Europe Europe Europe Asia Europe Europe Europe Europe the Middle East Latin America Europe Latin America the Middle East Asia Latin America

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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Financial Indicators

26

Cash & Short Term Investments (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total assets = 100)

Rank

Percentile

50.93 32.34 31.75 29.89 28.70 28.55 28.37 28.36 28.03 27.45 25.43 24.33 24.20 23.22 23.17 22.75 22.69 21.76 21.40 21.08 20.94 20.90 19.83 19.67 19.57 19.51 18.42 18.07 16.68 16.33 15.89 15.23 14.56 12.51 12.42 12.28 12.16 11.86 11.86 11.17 10.62 10.45 6.96 6.66 6.52 5.98 5.81 5.61 4.84 4.55 4.13

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Andorra Denmark Sweden Czech Republic Germany Faroe Islands Latvia Croatia Iceland Monaco Norway Estonia Poland Belarus Slovakia Russia Lithuania Moldova Greece Finland Kazakhstan Bulgaria Malta Vatican City Isle of Man Italy Netherlands the United Kingdom France Switzerland Ireland Liechtenstein Belgium Luxembourg Hungary Austria San Marino Guernsey Jersey Ukraine Gibraltar Georgia Portugal Cyprus Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Spain Slovenia Albania

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

27

Receivables (Net) Countries

Value (total assets = 100)

Rank

Percentile

51.67 45.98 45.01 44.19 43.58 43.49 42.95 40.69 39.67 39.52 38.11 36.90 36.78 35.54 34.44 33.63 32.75 31.84 31.78 31.14 30.90 30.43 29.19 28.59 28.48 28.15 27.94 27.87 27.49 26.64 26.02 25.47 25.23 23.84 21.93 21.49 21.28 19.22 18.71 18.48 17.81 17.03 15.91 13.33 4.97

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 32 34 35 37 38 40 41 43 44 45 46 47 49 51 53

98.11 96.23 94.34 92.45 90.57 88.68 86.79 84.91 83.02 81.13 79.25 77.36 75.47 73.58 71.70 69.81 67.92 66.04 64.15 62.26 60.38 58.49 56.60 54.72 52.83 50.94 49.06 47.17 45.28 43.40 39.62 35.85 33.96 30.19 28.30 24.53 22.64 18.87 16.98 15.09 13.21 11.32 7.55 3.77 0.00

Region

_________________________________________________________________________________________________________

Austria Netherlands Portugal Spain France Hungary Ireland Taiwan Greece Belgium Argentina Italy South Africa Poland Norway Singapore Hong Kong the United Kingdom Thailand India Finland Malaysia Sweden Australia Denmark Germany Turkey Mexico Canada Luxembourg Japan USA Switzerland South Korea China Russia Indonesia Philippines Brazil Israel Chile Czech Republic New Zealand Peru Pakistan

Europe Europe Europe Europe Europe Europe Europe Asia Europe Europe Latin America Europe Africa Europe Europe Asia Asia Europe Asia Asia Europe Asia Europe Oceana Europe Europe the Middle East Latin America North America Europe Asia North America Europe Asia Asia Europe Asia Asia Latin America the Middle East Latin America Europe Oceana Latin America the Middle East

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

28

Receivables (Net) (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total assets = 100)

Rank

Percentile

51.67 51.18 49.90 49.90 45.98 45.01 44.19 43.58 43.49 43.09 42.95 41.49 39.67 39.52 39.11 37.20 37.18 36.90 36.77 36.61 36.28 35.54 34.44 32.61 31.95 31.84 31.41 30.90 30.75 30.69 29.19 28.48 28.15 26.64 26.55 25.73 25.23 24.36 23.68 23.54 22.99 22.84 21.94 21.89 21.49 21.44 17.03 16.47 16.16 16.16 11.63

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Austria San Marino Guernsey Jersey Netherlands Portugal Spain France Hungary Cyprus Ireland Slovenia Greece Belgium Ukraine Vatican City Gibraltar Italy Malta Georgia Isle of Man Poland Norway Monaco Moldova the United Kingdom Faroe Islands Finland Kazakhstan Bulgaria Sweden Denmark Germany Luxembourg Romania Iceland Switzerland Bosnia & Herzegovina Macedonia Liechtenstein Estonia Serbia & Montenegro Belarus Slovakia Russia Lithuania Czech Republic Andorra Latvia Croatia Albania

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

29

Total Inventories Countries

Value (total assets = 100)

Rank

Percentile

34.66 24.37 23.19 12.21 10.75 9.59 9.55 9.42 8.92 8.29 7.77 7.51 7.38 6.76 6.65 6.59 6.53 6.27 5.84 5.74 5.50 5.24 5.13 5.12 5.10 5.05 4.75 4.68 4.67 4.49 4.10 3.97 3.40 2.89 2.46 1.09 1.04 0.79 0.54 0.43 0.16 0.12

1 3 4 5 6 7 8 9 10 12 14 15 16 18 19 20 21 23 24 25 27 28 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49

97.96 93.88 91.84 89.80 87.76 85.71 83.67 81.63 79.59 75.51 71.43 69.39 67.35 63.27 61.22 59.18 57.14 53.06 51.02 48.98 44.90 42.86 38.78 36.73 34.69 32.65 30.61 28.57 26.53 24.49 22.45 20.41 18.37 16.33 14.29 12.24 10.20 8.16 6.12 4.08 2.04 0.00

Region

_________________________________________________________________________________________________________

Peru Brazil Chile South Africa China Hungary Philippines Switzerland Indonesia Norway Greece Spain South Korea Thailand Russia Taiwan Singapore Netherlands Hong Kong Germany Denmark France Malaysia Portugal Sweden Japan Austria Canada Belgium Italy the United Kingdom Poland USA Argentina Australia India Czech Republic Finland Luxembourg Israel Pakistan Ireland

Latin America Latin America Latin America Africa Asia Europe Asia Europe Asia Europe Europe Europe Asia Asia Europe Asia Asia Europe Asia Europe Europe Europe Asia Europe Europe Asia Europe North America Europe Europe Europe Europe North America Latin America Oceana Asia Europe Europe Europe the Middle East the Middle East Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

30

Total Inventories (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total assets = 100)

Rank

Percentile

30.25 9.59 9.42 8.79 8.63 8.29 8.20 8.08 7.77 7.51 7.20 7.11 7.10 7.05 6.79 6.78 6.65 6.64 6.34 6.27 5.74 5.60 5.50 5.24 5.12 5.10 4.90 4.75 4.71 4.67 4.59 4.59 4.52 4.49 4.10 3.97 3.57 3.44 3.43 3.43 1.04 0.99 0.99 0.79 0.54 0.12

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

97.83 95.65 93.48 91.30 89.13 86.96 84.78 82.61 80.43 78.26 76.09 73.91 71.74 69.57 67.39 65.22 63.04 60.87 58.70 56.52 54.35 52.17 50.00 47.83 45.65 43.48 41.30 39.13 36.96 34.78 32.61 30.43 28.26 26.09 23.91 21.74 19.57 17.39 15.22 13.04 10.87 8.70 6.52 4.35 2.17 0.00

_________________________________________________________________________________________________________

Albania Hungary Switzerland Liechtenstein Ukraine Norway Gibraltar Georgia Greece Spain Malta Estonia Isle of Man Slovenia Belarus Slovakia Russia Lithuania Monaco Netherlands Germany Faroe Islands Denmark France Portugal Sweden Cyprus Austria San Marino Belgium Jersey Guernsey Vatican City Italy the United Kingdom Poland Moldova Kazakhstan Iceland Bulgaria Czech Republic Latvia Croatia Finland Luxembourg Ireland

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

31

Current Assets - Total Countries

Value (total assets = 100)

Rank

Percentile

79.78 75.99 73.83 73.48 73.46 73.17 73.13 72.48 71.98 70.56 69.91 68.27 67.66 67.63 67.57 67.21 66.37 66.26 66.13 65.09 62.87 62.42 61.66 61.54 60.74 60.57 60.27 60.22 59.55 58.74 58.16 57.59 56.54 55.54 55.46 54.42 54.30 53.58 53.44 53.34 49.12 44.65 42.45 42.37

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 35 37 38 39 40 41 42 46 47 48 49

98.08 96.15 94.23 92.31 90.38 88.46 86.54 84.62 82.69 80.77 78.85 76.92 75.00 73.08 71.15 69.23 67.31 65.38 63.46 61.54 59.62 57.69 55.77 53.85 51.92 50.00 48.08 46.15 44.23 42.31 40.38 38.46 36.54 32.69 28.85 26.92 25.00 23.08 21.15 19.23 11.54 9.62 7.69 5.77

Region

_________________________________________________________________________________________________________

Greece Norway Austria Brazil Denmark Hungary Netherlands Hong Kong Singapore Sweden Chile France Germany Finland Japan South Africa Thailand Poland Italy New Zealand Canada USA Switzerland South Korea Taiwan the United Kingdom China Portugal Belgium Malaysia India Spain Indonesia Ireland Russia Israel Australia Turkey Mexico Peru Czech Republic Philippines Argentina Luxembourg

Europe Europe Europe Latin America Europe Europe Europe Asia Asia Europe Latin America Europe Europe Europe Asia Africa Asia Europe Europe Oceana North America North America Europe Asia Asia Europe Asia Europe Europe Asia Asia Europe Asia Europe Europe the Middle East Oceana the Middle East Latin America Latin America Europe Asia Latin America Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

32

Current Assets - Total (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total assets = 100)

Rank

Percentile

79.78 75.99 73.94 73.83 73.46 73.17 73.13 73.13 72.97 71.30 71.30 70.56 69.80 69.50 68.27 67.66 67.63 67.40 66.66 66.26 66.13 65.80 63.06 62.56 61.66 61.59 60.57 60.22 59.58 59.55 59.33 57.65 57.59 57.54 57.33 57.23 56.62 56.50 55.54 55.46 55.33 54.06 50.91 49.12 46.72 46.62 46.60 46.56 45.41 43.80 42.37

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Greece Norway Malta Austria Denmark Hungary Netherlands San Marino Isle of Man Guernsey Jersey Sweden Monaco Faroe Islands France Germany Finland Andorra Vatican City Poland Italy Ukraine Iceland Gibraltar Switzerland Georgia the United Kingdom Portugal Moldova Belgium Estonia Cyprus Spain Liechtenstein Kazakhstan Bulgaria Belarus Slovakia Ireland Russia Lithuania Slovenia Romania Czech Republic Bosnia & Herzegovina Latvia Croatia Albania Macedonia Serbia & Montenegro Luxembourg

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

33

Property Plant and Equipment - Net Countries

Value (total assets = 100)

Rank

Percentile

45.92 45.73 45.60 44.62 35.48 35.35 31.26 31.12 29.84 28.00 26.77 25.19 24.97 23.49 20.94 20.85 20.39 19.89 19.79 19.65 18.69 18.26 18.20 17.67 17.31 16.50 15.70 14.61 14.04 14.01 13.97 13.93 13.86 13.50 12.75 12.59 11.74 11.10 9.73 8.92 7.79 7.49 7.39 6.99 6.34

1 2 3 4 6 7 8 9 10 12 13 17 18 20 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 43 44 45 46 47 48 49 50 51 52 53

98.11 96.23 94.34 92.45 88.68 86.79 84.91 83.02 81.13 77.36 75.47 67.92 66.04 62.26 58.49 56.60 54.72 52.83 50.94 49.06 47.17 45.28 43.40 41.51 39.62 37.74 35.85 33.96 32.08 30.19 28.30 26.42 24.53 22.64 18.87 16.98 15.09 13.21 11.32 9.43 7.55 5.66 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Pakistan Turkey Mexico Czech Republic Argentina Peru Indonesia Thailand Philippines Malaysia Taiwan Luxembourg Switzerland Greece Singapore Italy India New Zealand the United Kingdom Hong Kong Japan Hungary Brazil Australia Chile China Norway USA Poland South Africa South Korea Spain Canada Finland Germany Russia Netherlands Belgium Denmark France Ireland Austria Sweden Israel Portugal

the Middle East the Middle East Latin America Europe Latin America Latin America Asia Asia Asia Asia Asia Europe Europe Europe Asia Europe Asia Oceana Europe Asia Asia Europe Latin America Oceana Latin America Asia Europe North America Europe Africa Asia Europe North America Europe Europe Europe Europe Europe Europe Europe Europe Europe Europe the Middle East Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

34

Property Plant and Equipment - Net (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total assets = 100)

Rank

Percentile

44.62 43.45 42.35 42.33 39.87 38.75 37.38 30.86 25.19 24.97 23.49 23.30 21.77 21.48 21.02 20.85 20.59 20.30 19.79 18.84 18.26 16.42 15.70 15.61 15.37 14.75 14.04 13.93 13.50 13.47 13.08 12.86 12.83 12.75 12.62 12.59 12.56 12.15 12.13 11.74 11.10 9.73 8.92 7.79 7.49 7.42 7.39 7.24 7.24 6.34 6.07

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Czech Republic Romania Latvia Croatia Bosnia & Herzegovina Macedonia Serbia & Montenegro Albania Luxembourg Switzerland Greece Liechtenstein Malta Isle of Man Vatican City Italy Andorra Monaco the United Kingdom Faroe Islands Hungary Ukraine Norway Gibraltar Georgia Iceland Poland Spain Finland Estonia Slovenia Belarus Slovakia Germany Moldova Russia Lithuania Kazakhstan Bulgaria Netherlands Belgium Denmark France Ireland Austria San Marino Sweden Guernsey Jersey Portugal Cyprus

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

35

Accumulated Depreciation - Total Countries

Value (total assets = 100)

Rank

Percentile

58.56 36.04 36.01 35.94 34.84 31.96 24.64 21.21 19.88 18.74 18.07 17.83 17.28 17.05 16.96 16.95 16.09 14.89 14.50 13.83 13.43 12.56 12.17 12.08 11.86 11.79 11.77 11.14 10.45 10.00 9.95 9.41 9.31 9.18 7.73 6.94 6.39 5.66 3.84 3.82

1 2 3 4 5 8 10 11 13 14 15 16 17 18 19 20 21 24 26 27 28 29 30 31 32 33 34 35 36 37 38 40 41 42 43 44 45 46 47 48

97.92 95.83 93.75 91.67 89.58 83.33 79.17 77.08 72.92 70.83 68.75 66.67 64.58 62.50 60.42 58.33 56.25 50.00 45.83 43.75 41.67 39.58 37.50 35.42 33.33 31.25 29.17 27.08 25.00 22.92 20.83 16.67 14.58 12.50 10.42 8.33 6.25 4.17 2.08 0.00

Region

_________________________________________________________________________________________________________

Pakistan Turkey Indonesia Mexico Switzerland Czech Republic Philippines Peru Malaysia Thailand Greece Brazil the United Kingdom Japan Chile Netherlands USA India Spain Australia Singapore France Belgium Finland Denmark Canada Germany Italy South Korea Norway Hong Kong Russia Sweden New Zealand Poland South Africa Portugal China Ireland Israel

the Middle East the Middle East Asia Latin America Europe Europe Asia Latin America Asia Asia Europe Latin America Europe Asia Latin America Europe North America Asia Europe Oceana Asia Europe Europe Europe Europe North America Europe Europe Asia Europe Asia Europe Europe Oceana Europe Africa Europe Asia Europe the Middle East

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

36

Accumulated Depreciation - Total (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total assets = 100)

Rank

Percentile

34.84 34.25 32.51 31.96 31.43 30.54 30.34 30.32 29.46 18.51 18.07 17.28 16.95 16.74 16.52 16.25 14.50 13.61 13.02 12.56 12.17 12.08 11.86 11.77 11.23 11.14 10.07 10.00 9.61 9.59 9.54 9.51 9.41 9.39 9.31 7.73 6.95 6.69 6.68 6.39 6.12 3.84

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42

97.62 95.24 92.86 90.48 88.10 85.71 83.33 80.95 78.57 76.19 73.81 71.43 69.05 66.67 64.29 61.90 59.52 57.14 54.76 52.38 50.00 47.62 45.24 42.86 40.48 38.10 35.71 33.33 30.95 28.57 26.19 23.81 21.43 19.05 16.67 14.29 11.90 9.52 7.14 4.76 2.38 0.00

_________________________________________________________________________________________________________

Switzerland Romania Liechtenstein Czech Republic Bosnia & Herzegovina Macedonia Latvia Croatia Serbia & Montenegro Albania Greece the United Kingdom Netherlands Malta Isle of Man Iceland Spain Slovenia Monaco France Belgium Finland Denmark Germany Vatican City Italy Estonia Norway Belarus Slovakia Faroe Islands Andorra Russia Lithuania Sweden Poland Moldova Kazakhstan Bulgaria Portugal Cyprus Ireland

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

37

Intangible Other Assets Countries

Value (total assets = 100)

Rank

Percentile

30.98 25.20 24.49 23.73 21.29 20.92 20.61 20.13 19.88 18.85 18.53 18.50 18.37 18.14 17.80 17.66 14.59 13.40 13.09 11.10 9.62 9.19 9.12 8.45 8.24 7.32 6.47 5.91 5.83 5.19 5.08 4.35 3.76 3.25 3.05 1.48 0.62 0.03 0.03

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 28 30 31 32 33 34 35 36 37 38 39 42 43

97.73 95.45 93.18 90.91 88.64 86.36 84.09 81.82 79.55 77.27 75.00 72.73 70.45 68.18 65.91 63.64 59.09 56.82 54.55 52.27 50.00 47.73 45.45 43.18 40.91 38.64 36.36 31.82 29.55 27.27 25.00 22.73 20.45 18.18 15.91 13.64 11.36 4.55 2.27

Region

_________________________________________________________________________________________________________

Luxembourg Belgium Ireland Australia Canada Israel Spain Sweden USA Philippines France the United Kingdom Germany Argentina Austria Finland Norway Netherlands Denmark Italy Switzerland India Portugal Hungary South Africa Poland South Korea Malaysia Russia China Hong Kong Singapore Japan Greece New Zealand Czech Republic Thailand Turkey Mexico

Europe Europe Europe Oceana North America the Middle East Europe Europe North America Asia Europe Europe Europe Latin America Europe Europe Europe Europe Europe Europe Europe Asia Europe Europe Africa Europe Asia Asia Europe Asia Asia Asia Asia Europe Oceana Europe Asia the Middle East Latin America

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

38

Intangible Other Assets (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total assets = 100)

Rank

Percentile

30.98 25.20 24.49 20.61 20.13 20.09 19.35 18.53 18.50 18.37 17.80 17.66 17.63 17.19 17.19 14.59 13.40 13.09 11.19 11.10 9.62 9.12 8.98 8.73 8.45 7.60 7.32 7.22 7.11 6.58 6.34 6.32 6.24 5.96 5.94 5.83 5.82 4.87 4.22 3.25 3.16 3.01 2.97 1.48 1.40 1.40 0.03 0.02 0.02 0.02

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

98.00 96.00 94.00 92.00 90.00 88.00 86.00 84.00 82.00 80.00 78.00 76.00 74.00 72.00 70.00 68.00 66.00 64.00 62.00 60.00 58.00 56.00 54.00 52.00 50.00 48.00 46.00 44.00 42.00 40.00 38.00 36.00 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00

_________________________________________________________________________________________________________

Luxembourg Belgium Ireland Spain Sweden Iceland Slovenia France the United Kingdom Germany Austria Finland San Marino Jersey Guernsey Norway Netherlands Denmark Vatican City Italy Switzerland Portugal Liechtenstein Cyprus Hungary Ukraine Poland Gibraltar Georgia Moldova Kazakhstan Bulgaria Estonia Belarus Slovakia Russia Lithuania Faroe Islands Monaco Greece Andorra Malta Isle of Man Czech Republic Latvia Croatia Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.3 3.3.1

FINANCIAL RETURNS RATIOS

IN

39

GREECE: LIABILITY STRUCTURE

Overview

In this chapter we consider the liability structure of firms operating in Greece benchmarked against global averages. The chapter begins by defining relevant terms. A common-size statement, or vertical analysis of liabilities and shareholder equity is then presented for the proto-typical firm operating in Greece and the average global benchmarks (sometimes referred to as a financial “gap” analysis). The figure reflect firms involved in computer programming, data processing and computer related services in Greece. For ratios where there are large deviations between Greece and the benchmarks, graphics are provided (total liabilities and equity = 100 percent). Then the distribution of ratios is presented in the form of ranks and percentiles. Certain key vertical analysis liability ratios are highlighted.

3.3.2

Liabilities and Equity – Definitions of Terms

The following definitions are provided for those less familiar with the liability-side of financial statement analysis. As this chapter deals with the vertical analysis and global benchmarking of liabilities and equity, only definitions covering certain terms used in this chapter’s tables and graphs are provided here . The glossary below reflects commonly accepted definitions across various countries and official sources. •

Accounts Payable. Accounts payable are defined as amounts owed on open account to private persons or organizations for goods or services received.

•

Capital Surplus. Capital surplus is commonly defined as an amount of equity which is directly contributed capital in excess of the par value.

•

Common Equity. Common equity is defined to equal the company's net worth. It typically comprises capital stock, capital surplus, retained earnings, and, in some cases, net worth reserves. Common equity is the portion of total net worth belonging to the common stockholders. Synonyms which are often used for common equity are “common stock” and “net worth”.

•

Common Stock. Common stock is defined as the securities which represent the company's ownership interest. Common stockholders typically assume greater risk than preferred stockholders; although common stockholders maintain greater control and generally greater dividends and capital appreciation. Common stock can be used interchangeably with the term capital stock when the company has no preferred stock.

•

Current Liabilities - Total. Total current liabilities are defined as the total amount of obligations which would require the use of current assets or other current liabilities to pay.

•

Current Portion of Long Term Debt. The current proportion of long term debt is typically defined as debt which is payable in more than one year.

•

Deferred Income. Deferred income is commonly defined as the amount for services rendered that has not yet been received.

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©2007 Icon Group International, Inc.

Financial Indicators

40

•

Dividends Payable. Dividends payable typically include the declared dividend dollar amount that a company is obligated to pay. The dividend payment eliminates dividends payable and reduces cash.

•

Income Taxes Payable. Income taxes payable are understood to mean taxes which are levied by state, federal, and local governments on the company's reported accounting profit. Income taxes payable are those which are due in the current accounting period.

•

Long Term Debt. Long-term debt is defined to be due in a period exceeding one year or one operating cycle, whichever is longer. Long-term debt can have an extended repayment period such as a many-year mortgage on land and buildings, or debt that's intended to be permanent such as bonds issued to investors.

•

Long Term Debt Excluding Capitalized Leases. Long term debt excluding capitalized leases is defined as debt which is typically due in a period exceeding one year or one operating cycle, whichever is longer, less capitalized leases (see Long Term Debt for exceptions). Capital leases are generally recorded as assets with liability at the current value of the lease payment.

•

Minority Interest. Minority interest is the proportional share of the minority ownership's interest (less than 50 percent) in the earnings or losses.

•

Non-Equity Reserves. Non-equity reserves are the amount set aside for losses or liabilities which are certain to arise but cannot be quantified with certainty, and are not part of the firm’s equity.

•

Retained Earnings. proprietary funds.

•

Shareholders Equity. Shareholders equity is commonly defined to be the amount of total equity reserved for common and preferred shareholders.

•

Short Term Debt. Short term debt is generally defined as debt payable within one year.

•

Total Liabilities. Total liabilities are generally defined to include all the claims against a corporation. Liabilities include accounts and wages and salaries payable, dividends declared payable, accrued taxes payable, fixed or long-term liabilities such as mortgage bonds, debentures, and bank loans.

www.icongrouponline.com

Retained earnings is an equity account reflecting the accumulated earnings of

©2007 Icon Group International, Inc.

Financial Indicators

3.3.3

41

Liability Structure: Outlook

Using the methodology described in the introduction, the following table summarizes liability and equity structure benchmarks for firms involved in computer programming, data processing and computer related services in Greece. To allow comparable benchmarking, a common index of Total Liabilities & Shareholders Equity = 100 is used. All figures are current-year projections for companies operating in Greece based on latest financial results available. Liability Structure Greece Europe World Avg. _________________________________________________________________________________________________________

Accounts Payable Short Term Debt & Current Portion of Long Term Debt Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Provision For Risks and Charges Deferred Income Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Common Equity Common Stock Capital Surplus Revaluation Reserves Other Appropriated Reserves Unappropriated Reserves Retained Earnings Unrealized Foreign Exchange Gain/Loss Total Liabilities & Shareholders Equity

15.25 11.67 9.03 7.02 17.79 47.58 3.12 3.12 1.43 0.36 1.11 49.27 0.48 3.88 46.41 21.96 21.72 1.08 3.41 0.94 1.54 -0.11 100.00

12.07 8.31 2.77 1.67 18.22 35.50 8.90 8.66 2.12 0.95 2.12 46.42 0.10 1.12 47.67 11.70 20.34 0.52 8.82 5.84 9.80 -0.36 100.00

7.46 8.65 1.92 1.50 9.50 26.76 5.97 5.82 0.97 0.21 1.60 34.81 0.17 1.45 56.89 20.59 23.44 0.08 3.58 11.10 10.82 -0.03 100.00

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.3.4

42

Large Variances: Liabilities

The following graphics summarize for computer programming, data processing and computer related services the large liability structure gaps between firms operating in Greece and the world average. A gap cannot necessarily be interpreted as a positive or negative reflection on performance. Gaps may signal areas of specialization, market focus, or expertise. More contextual information is required to fully interpret these gaps. The gaps highlighted here are simply those that are large.

Gap: Accounts Payable 20 15

15.25 12.07

10

7.46

7.79

5 0 Greece

Europe

World Average

Gap

Gap: Short Term Debt & Current Portion of Long Term Debt 12

11.67

10

8.31

8.65

8 6 3.02

4 2 0 Greece

Europe

World Average

Gap

Gap: Income Taxes Payable 10

9.03 7.11

8 6 4

2.77

2

1.92

0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

43

Gap: Dividends Payable 8

7.02 5.52

6 4 1.67

2

1.5

0 Greece

Europe

World Average

Gap

Gap: Other Current Liabilities 20

17.79

18.22

15 9.5

10

8.29

5 0 Greece

Europe

World Average

Gap

Gap: Current Liabilities - Total 50

47.58 35.5

40

26.76

30

20.82

20 10 0 Greece

Europe

World Average

Gap

Gap: Long Term Debt 10 8 6 4 2 0 -2 -4

8.9 5.97 3.12

-2.85 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

44

Gap: Total Liabilities 50

49.27

46.42 34.81

40 30

14.46

20 10 0 Greece

Europe

World Average

Gap

Gap: Common Equity 60

46.41

47.67

56.89

40 20 0 -10.48

-20 Greece

Europe

World Average

Gap

Gap: Unappropriated Reserves 15

11.1

10 5

5.84 0.94

0 -5 -10

-10.16

-15 Greece

Europe

World Average

Gap

Gap: Retained Earnings 15

9.8

10 5

10.82

1.54

0 -5 -10 Greece

www.icongrouponline.com

Europe

World Average

-9.28 Gap

©2007 Icon Group International, Inc.

Financial Indicators

3.3.5

45

Key Percentiles and Rankings

We now consider the distribution of liability ratios for computer programming, data processing and computer related services using ranks and percentiles. What percent of countries have a value lower or higher than Greece (what is the ratio's rank or percentile)? The table below answers this question with respect to the vertical analysis of liability structure. The ranks and percentiles indicate, from highest to lowest, where a value falls within the distribution of all countries considered in the global benchmark (the number of countries in the benchmark per line item may vary, as indicated in the Rank). Again, a high or low figure does not necessarily indicate good or bad performance. After the summary table below, a few key vertical liability ratios are highlighted in additional tables. Liability Structure

Greece

Rank of Total

Percentile

Accounts Payable Short Term Debt & Current Portion of Long Term Debt Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Provision For Risks and Charges Deferred Income Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Common Equity Common Stock Capital Surplus Revaluation Reserves Other Appropriated Reserves Unappropriated Reserves Retained Earnings Unrealized Foreign Exchange Gain/Loss Total Liabilities & Shareholders Equity

15.25 11.67 9.03 7.02 17.79 47.58 3.12 3.12 1.43 0.36 1.11 49.27 0.48 3.88 46.41 21.96 21.72 1.08 3.41 0.94 1.54 -0.11 100.00

8 of 47 20 of 52 1 of 41 1 of 23 13 of 52 6 of 52 45 of 52 42 of 52 18 of 33 18 of 21 28 of 48 22 of 53 3 of 18 3 of 45 33 of 53 20 of 50 16 of 44 9 of 27 20 of 50 23 of 33 48 of 51 18 of 29

82.98 61.54 97.56 95.65 75.00 88.46 13.46 19.23 45.45 14.29 41.67 58.49 83.33 93.33 37.74 60.00 63.64 66.67 60.00 30.30 5.88 37.93

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

46

Accounts Payable Countries

Value (total liabilities & equity = 100)

Rank

Percentile

27.71 22.65 17.41 17.10 16.88 16.72 15.62 15.25 14.79 14.45 14.19 13.59 13.22 12.99 12.84 12.80 12.29 11.97 11.96 11.81 11.43 11.32 11.08 10.56 9.61 8.76 7.29 7.05 7.03 6.86 6.60 6.50 6.34 6.08 5.78 5.26 5.02 4.00 2.81 2.48

1 2 3 4 5 6 7 8 9 10 11 12 14 15 16 17 19 20 21 22 24 25 27 28 29 30 31 32 33 34 35 37 38 39 40 41 42 43 44 45

97.87 95.74 93.62 91.49 89.36 87.23 85.11 82.98 80.85 78.72 76.60 74.47 70.21 68.09 65.96 63.83 59.57 57.45 55.32 53.19 48.94 46.81 42.55 40.43 38.30 36.17 34.04 31.91 29.79 27.66 25.53 21.28 19.15 17.02 14.89 12.77 10.64 8.51 6.38 4.26

Region

_________________________________________________________________________________________________________

South Africa Hungary Singapore Poland Switzerland Argentina Philippines Greece Thailand Canada Luxembourg Belgium Japan Ireland Portugal France South Korea the United Kingdom Italy Malaysia Hong Kong Spain Russia Netherlands Australia Denmark Germany Turkey Mexico China India USA Norway Brazil Chile New Zealand Sweden Finland Israel Indonesia

Africa Europe Asia Europe Europe Latin America Asia Europe Asia North America Europe Europe Asia Europe Europe Europe Asia Europe Europe Asia Asia Europe Europe Europe Oceana Europe Europe the Middle East Latin America Asia Asia North America Europe Latin America Latin America Oceana Europe Europe the Middle East Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

47

Accounts Payable (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total liabilities & equity = 100)

Rank

Percentile

22.65 20.37 19.36 19.06 17.10 16.89 16.88 15.75 15.37 15.25 14.80 14.77 14.19 14.13 13.95 13.59 12.99 12.84 12.80 12.29 12.06 11.97 11.96 11.85 11.32 11.31 11.29 11.08 11.05 10.96 10.63 10.56 8.76 7.29 6.70 6.57 6.34 6.15 5.98 5.76 5.45 5.02 4.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

97.67 95.35 93.02 90.70 88.37 86.05 83.72 81.40 79.07 76.74 74.42 72.09 69.77 67.44 65.12 62.79 60.47 58.14 55.81 53.49 51.16 48.84 46.51 44.19 41.86 39.53 37.21 34.88 32.56 30.23 27.91 25.58 23.26 20.93 18.60 16.28 13.95 11.63 9.30 6.98 4.65 2.33 0.00

_________________________________________________________________________________________________________

Hungary Ukraine Gibraltar Georgia Poland Monaco Switzerland Liechtenstein Moldova Greece Kazakhstan Bulgaria Luxembourg Malta Isle of Man Belgium Ireland Portugal France Cyprus Vatican City the United Kingdom Italy Estonia Spain Belarus Slovakia Russia Lithuania Faroe Islands Slovenia Netherlands Denmark Germany Romania Iceland Norway Bosnia & Herzegovina Macedonia Serbia & Montenegro Andorra Sweden Finland

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

48

Current Liabilities - Total Countries

Value (total liabilities & equity = 100)

Rank

Percentile

57.84 52.26 49.72 48.30 47.94 47.58 47.44 47.30 47.00 44.19 41.60 40.74 40.51 40.28 39.42 38.42 37.57 36.72 36.62 35.86 34.55 34.10 33.72 33.70 33.37 33.04 31.91 31.27 31.26 30.01 29.94 29.63 29.09 29.00 27.98 27.05 27.01 24.77 24.70 24.34 20.78 18.33 18.28 6.28

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 19 20 21 22 24 26 27 28 29 30 31 32 34 35 36 37 38 39 41 42 43 44 46 47 48 49 52

98.08 96.15 94.23 92.31 90.38 88.46 86.54 84.62 82.69 80.77 78.85 76.92 75.00 73.08 71.15 69.23 67.31 63.46 61.54 59.62 57.69 53.85 50.00 48.08 46.15 44.23 42.31 40.38 38.46 34.62 32.69 30.77 28.85 26.92 25.00 21.15 19.23 17.31 15.38 11.54 9.62 7.69 5.77 0.00

Region

_________________________________________________________________________________________________________

Austria Brazil Chile South Africa France Greece Spain Taiwan Portugal Thailand Norway Peru Netherlands the United Kingdom Belgium Hungary Argentina Turkey Mexico Sweden Switzerland Poland Denmark Singapore Italy Japan Luxembourg Hong Kong Australia South Korea Finland Ireland Philippines China Germany Russia USA Czech Republic Canada Malaysia India Israel Indonesia New Zealand

Europe Latin America Latin America Africa Europe Europe Europe Asia Europe Asia Europe Latin America Europe Europe Europe Europe Latin America the Middle East Latin America Europe Europe Europe Europe Asia Europe Asia Europe Asia Oceana Asia Europe Europe Asia Asia Europe Europe North America Europe North America Asia Asia the Middle East Asia Oceana

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

49

Current Liabilities - Total (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total liabilities & equity = 100)

Rank

Percentile

57.84 57.29 55.86 55.86 47.94 47.58 47.44 47.00 44.99 44.54 44.10 43.52 41.60 40.51 40.28 39.42 38.42 35.86 35.56 34.88 34.55 34.55 34.10 33.72 33.64 33.37 32.85 32.68 32.35 32.24 32.01 31.91 31.11 30.66 30.01 29.98 29.94 29.63 29.50 29.45 28.93 27.98 27.62 27.55 27.29 27.05 26.98 24.77 23.52 23.51 6.50

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Austria San Marino Jersey Guernsey France Greece Spain Portugal Cyprus Slovenia Malta Isle of Man Norway Netherlands the United Kingdom Belgium Hungary Sweden Albania Romania Ukraine Switzerland Poland Denmark Vatican City Italy Gibraltar Monaco Georgia Liechtenstein Bosnia & Herzegovina Luxembourg Macedonia Moldova Serbia & Montenegro Faroe Islands Finland Ireland Kazakhstan Bulgaria Estonia Germany Belarus Slovakia Iceland Russia Lithuania Czech Republic Latvia Croatia Andorra

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

50

Long Term Debt Countries

Value (total liabilities & equity = 100)

Rank

Percentile

27.80 21.65 20.84 20.78 18.98 18.57 18.44 15.49 13.92 13.77 13.40 11.36 11.23 10.88 10.35 9.89 9.40 8.85 8.76 8.72 8.53 8.46 8.45 8.10 7.97 7.03 6.96 6.91 6.83 6.62 5.14 5.08 4.64 4.62 3.60 3.40 3.21 3.12 3.12 2.61 2.36 1.11 0.94 0.67

1 2 3 4 7 8 9 10 11 12 13 15 16 17 19 20 21 22 23 24 25 26 27 29 30 31 32 33 34 35 36 37 39 40 41 42 43 44 45 48 49 50 51 52

98.08 96.15 94.23 92.31 86.54 84.62 82.69 80.77 78.85 76.92 75.00 71.15 69.23 67.31 63.46 61.54 59.62 57.69 55.77 53.85 51.92 50.00 48.08 44.23 42.31 40.38 38.46 36.54 34.62 32.69 30.77 28.85 25.00 23.08 21.15 19.23 17.31 15.38 13.46 7.69 5.77 3.85 1.92 0.00

Region

_________________________________________________________________________________________________________

Peru Portugal Turkey Mexico Ireland Poland Pakistan Philippines Spain Argentina Denmark Indonesia Italy Brazil Chile New Zealand South Africa France USA Norway Canada Australia the United Kingdom Finland Luxembourg Belgium Austria Switzerland Japan Netherlands South Korea Sweden Russia Germany Thailand Taiwan Malaysia Hong Kong Greece Israel Singapore China India Hungary

Latin America Europe the Middle East Latin America Europe Europe the Middle East Asia Europe Latin America Europe Asia Europe Latin America Latin America Oceana Africa Europe North America Europe North America Oceana Europe Europe Europe Europe Europe Europe Asia Europe Asia Europe Europe Europe Asia Asia Asia Asia Europe the Middle East Asia Asia Asia Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

51

Long Term Debt (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total liabilities & equity = 100)

Rank

Percentile

24.26 21.65 20.72 19.80 18.98 18.57 18.17 17.66 17.03 16.70 16.07 16.04 13.92 13.40 13.07 11.32 11.23 10.24 8.85 8.85 8.72 8.45 8.10 7.97 7.03 6.96 6.91 6.89 6.72 6.72 6.62 6.44 5.08 4.96 4.73 4.72 4.64 4.62 4.62 3.12 2.99 2.89 2.85 2.28 0.67 0.61 0.58 0.57

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

97.92 95.83 93.75 91.67 89.58 87.50 85.42 83.33 81.25 79.17 77.08 75.00 72.92 70.83 68.75 66.67 64.58 62.50 60.42 58.33 56.25 54.17 52.08 50.00 47.92 45.83 43.75 41.67 39.58 37.50 35.42 33.33 31.25 29.17 27.08 25.00 22.92 20.83 18.75 16.67 14.58 12.50 10.42 8.33 6.25 4.17 2.08 0.00

_________________________________________________________________________________________________________

Albania Portugal Cyprus Romania Ireland Poland Bosnia & Herzegovina Macedonia Serbia & Montenegro Moldova Kazakhstan Bulgaria Spain Denmark Slovenia Vatican City Italy Andorra France Iceland Norway the United Kingdom Finland Luxembourg Belgium Austria Switzerland San Marino Guernsey Jersey Netherlands Liechtenstein Sweden Estonia Belarus Slovakia Russia Germany Lithuania Greece Faroe Islands Malta Isle of Man Monaco Hungary Ukraine Gibraltar Georgia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

52

Total Liabilities Countries

Value (total liabilities & equity = 100)

Rank

Percentile

72.50 68.91 66.89 66.88 64.50 63.63 61.75 60.52 60.36 56.68 54.77 52.25 51.97 51.96 51.61 51.48 51.34 50.71 50.57 49.27 48.76 47.65 47.29 47.06 46.11 45.47 44.68 44.41 41.24 39.10 38.64 38.44 38.11 37.41 37.03 34.52 34.13 33.37 30.54 30.43 30.23 30.05 22.30 21.58 17.22

1 2 3 4 5 6 7 8 9 10 12 13 14 15 16 17 18 20 21 22 23 24 25 26 27 28 29 30 32 34 35 37 38 39 40 41 42 44 45 46 47 48 50 52 53

98.11 96.23 94.34 92.45 90.57 88.68 86.79 84.91 83.02 81.13 77.36 75.47 73.58 71.70 69.81 67.92 66.04 62.26 60.38 58.49 56.60 54.72 52.83 50.94 49.06 47.17 45.28 43.40 39.62 35.85 33.96 30.19 28.30 26.42 24.53 22.64 20.75 16.98 15.09 13.21 11.32 9.43 5.66 1.89 0.00

Region

_________________________________________________________________________________________________________

Portugal Peru Spain Brazil Austria Chile France Turkey Mexico South Africa Pakistan Taiwan Belgium the United Kingdom Argentina Italy Poland Thailand Netherlands Greece Luxembourg Denmark Norway Ireland Switzerland Philippines Sweden Japan Australia Hungary Germany USA Finland Singapore South Korea Hong Kong Canada Russia China Indonesia Czech Republic Malaysia Israel India New Zealand

Europe Latin America Europe Latin America Europe Latin America Europe the Middle East Latin America Africa the Middle East Asia Europe Europe Latin America Europe Europe Asia Europe Europe Europe Europe Europe Europe Europe Asia Europe Asia Oceana Europe Europe North America Europe Asia Asia Asia North America Europe Asia Asia Europe Asia the Middle East Asia Oceana

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

53

Total Liabilities (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total liabilities & equity = 100)

Rank

Percentile

72.50 69.40 66.89 64.50 63.89 62.79 62.29 62.29 61.75 60.15 57.50 52.77 51.97 51.96 51.89 51.48 51.34 51.29 50.57 49.47 49.27 48.76 47.65 47.29 47.06 46.16 46.11 45.67 45.07 44.68 44.42 44.34 43.03 39.10 38.83 38.64 38.11 36.27 35.70 35.16 34.07 33.99 33.43 33.37 33.29 33.11 32.91 30.23 28.70 28.69 17.83

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Portugal Cyprus Spain Austria San Marino Slovenia Guernsey Jersey France Albania Romania Bosnia & Herzegovina Belgium the United Kingdom Vatican City Italy Poland Macedonia Netherlands Serbia & Montenegro Greece Luxembourg Denmark Norway Ireland Moldova Switzerland Malta Isle of Man Sweden Kazakhstan Bulgaria Liechtenstein Hungary Iceland Germany Finland Monaco Estonia Ukraine Belarus Slovakia Gibraltar Russia Lithuania Faroe Islands Georgia Czech Republic Latvia Croatia Andorra

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

54

Common Equity Countries

Value (total liabilities & equity = 100)

Rank

Percentile

83.03 77.88 73.83 69.77 69.50 69.41 65.87 64.55 64.05 60.95 60.81 60.73 60.67 59.69 59.57 57.92 55.20 54.99 54.72 54.46 52.84 51.95 51.95 51.04 51.00 48.65 47.84 47.83 47.68 46.41 46.22 45.26 45.23 45.08 40.74 39.48 39.37 37.40 36.63 35.50 33.01 31.72 31.40 31.09 26.19

1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 19 20 21 22 23 24 25 26 27 29 30 31 32 33 35 36 37 38 39 41 42 43 45 47 48 49 50 51 52

98.11 96.23 94.34 92.45 90.57 88.68 86.79 83.02 81.13 79.25 77.36 75.47 73.58 71.70 69.81 67.92 64.15 62.26 60.38 58.49 56.60 54.72 52.83 50.94 49.06 45.28 43.40 41.51 39.62 37.74 33.96 32.08 30.19 28.30 26.42 22.64 20.75 18.87 15.09 11.32 9.43 7.55 5.66 3.77 1.89

Region

_________________________________________________________________________________________________________

New Zealand India Israel Czech Republic Indonesia Malaysia Canada Hong Kong China USA Germany South Korea Singapore Hungary Finland Australia Sweden Japan Russia Philippines Ireland Denmark Norway Switzerland Luxembourg Netherlands the United Kingdom Thailand Belgium Greece Taiwan Italy Pakistan Poland South Africa Turkey Mexico France Argentina Austria Brazil Spain Chile Peru Portugal

Oceana Asia the Middle East Europe Asia Asia North America Asia Asia North America Europe Asia Asia Europe Europe Oceana Europe Asia Europe Asia Europe Europe Europe Europe Europe Europe Europe Asia Europe Europe Asia Europe the Middle East Europe Africa the Middle East Latin America Europe Latin America Europe Latin America Europe Latin America Latin America Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

55

Common Equity (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total liabilities & equity = 100)

Rank

Percentile

85.98 69.77 66.22 66.19 61.90 61.58 60.81 59.69 59.57 58.83 58.54 55.87 55.75 55.20 54.72 54.59 53.68 52.84 51.95 51.95 51.04 51.04 51.00 50.25 48.65 47.84 47.68 47.63 46.41 45.63 45.26 45.08 43.01 42.45 40.53 39.00 38.93 37.51 37.40 35.50 35.16 34.42 34.28 34.28 33.45 32.27 31.72 29.78 27.14 26.19 25.07

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Andorra Czech Republic Latvia Croatia Faroe Islands Iceland Germany Hungary Finland Monaco Estonia Belarus Slovakia Sweden Russia Lithuania Ukraine Ireland Denmark Norway Switzerland Gibraltar Luxembourg Georgia Netherlands the United Kingdom Belgium Liechtenstein Greece Vatican City Italy Poland Malta Isle of Man Moldova Kazakhstan Bulgaria Romania France Austria San Marino Bosnia & Herzegovina Jersey Guernsey Macedonia Serbia & Montenegro Spain Slovenia Albania Portugal Cyprus

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

56

Retained Earnings Countries

Value (total liabilities & equity = 100)

Rank

Percentile

29.85 28.00 27.50 22.90 22.66 22.48 20.43 19.99 19.71 18.98 18.96 18.33 17.75 17.55 15.35 15.17 14.62 14.40 13.44 13.04 12.17 11.24 11.17 9.39 9.36 8.61 8.48 8.26 8.20 7.76 7.32 6.61 6.05 5.62 5.61 5.23 4.84 4.04 2.66 1.95 1.54 0.27 0.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 22 23 24 25 27 29 30 31 32 34 35 36 38 39 40 41 42 45 46 47 48 49 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 56.86 54.90 52.94 50.98 47.06 43.14 41.18 39.22 37.25 33.33 31.37 29.41 25.49 23.53 21.57 19.61 17.65 11.76 9.80 7.84 5.88 3.92 0.00

Region

_________________________________________________________________________________________________________

Israel Norway Hong Kong USA Japan India Canada South Africa the United Kingdom Denmark Switzerland Singapore Finland New Zealand Malaysia Ireland Czech Republic Netherlands Australia Indonesia Germany Spain Belgium Turkey Mexico South Korea Austria Sweden Taiwan Russia Philippines Luxembourg France Argentina Poland Thailand Italy Portugal China Hungary Greece Peru Pakistan

the Middle East Europe Asia North America Asia Asia North America Africa Europe Europe Europe Asia Europe Oceana Asia Europe Europe Europe Oceana Asia Europe Europe Europe the Middle East Latin America Asia Europe Europe Asia Europe Asia Europe Europe Latin America Europe Asia Europe Europe Asia Europe Europe Latin America the Middle East

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

57

Retained Earnings (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total liabilities & equity = 100)

Rank

Percentile

28.00 26.37 23.13 19.71 18.98 18.96 18.18 17.78 17.75 17.69 15.17 14.62 14.40 13.88 13.87 12.17 11.24 11.17 10.55 8.92 8.48 8.40 8.30 8.26 8.19 8.19 8.18 7.95 7.92 7.90 7.76 7.74 7.67 6.61 6.05 5.61 5.05 4.88 4.86 4.85 4.84 4.04 3.87 1.95 1.75 1.67 1.64 1.54 1.42 1.41 0.24

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Norway Faroe Islands Iceland the United Kingdom Denmark Switzerland Andorra Monaco Finland Liechtenstein Ireland Czech Republic Netherlands Latvia Croatia Germany Spain Belgium Slovenia Romania Austria San Marino Estonia Sweden Guernsey Jersey Bosnia & Herzegovina Macedonia Belarus Slovakia Russia Lithuania Serbia & Montenegro Luxembourg France Poland Moldova Vatican City Kazakhstan Bulgaria Italy Portugal Cyprus Hungary Ukraine Gibraltar Georgia Greece Malta Isle of Man Albania

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.4 3.4.1

FINANCIAL RETURNS RATIOS

IN

58

GREECE: INCOME STRUCTURE

Overview

In this chapter we consider the income structure of companies operating in Greece benchmarked against global averages. The chapter begins by defining relevant terms. A common-size statement, or vertical analysis of income is then presented for the proto-typical firm involved in computer programming, data processing and computer related services operating in Greece and the average global benchmarks (total revenue = 100 percent). For ratios where there are large deviations between Greece and the benchmarks, graphics are provided. Then the distribution of ratios is presented in the form of ranks and percentiles. Certain key vertical analysis income ratios are highlighted across countries in the comparison group.

3.4.2

Income Statements – Definitions of Terms

The following definitions are provided for those less familiar with the income-side of financial statement analysis. As this chapter deals with the vertical analysis and global benchmarking of income, only definitions covering certain terms used in this chapter’s tables and graphs are provided here . The glossary below reflects commonly accepted definitions across various countries and official sources. •

Amortization. Amortization generally refers to the depreciation, depletion, or charge-off to expense of intangible and tangible assets over a period of time. Amortization is commonly understood to be the taking as an expense (writing off) of the loss of value of an intangible asset such as a copyright, a patent, or a mailing list, in an accounting period.

•

Cost of Goods Sold (excluding depreciation). For retail companies, cost of goods sold is generally defined as the equivalent of starting inventory plus purchases minus ending inventory. In manufacturing, cost of goods sold is defined to equal the starting inventory plus the cost of goods manufactured minus ending inventory. Most pure service firms do not generally have cost of goods sold.

•

Depletion. Depletion is commonly defined to be included as one of the elements of amortization, and is understood to be the portion of the carrying value (other than the portion associated with tangible assets) prorated in each accounting period for financial reporting purposes.

•

Depreciation. Depreciation generally is defined as the expiration in the service life of fixed assets, other than depletable assets, attributable to wear and tear, deterioration, action of the physical elements, inadequacy and obsolescence. Depreciation is commonly defined as the portion of the cost of a fixed asset charged as an expense during a particular period. In accounting for depreciation, the cost of a fixed asset, less any salvage value, is prorated over the estimated service life of such an asset, and each period is charged with a portion of such cost. Through this process, the cost of the asset is ultimately charged off as an expense.

•

Earnings Before Interest and Taxes (EBIT). EBIT is a financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. In other words, operating and non-operating profit before the deduction of interest and income taxes.

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•

Gross Income. Gross income is commonly defined as all the money, goods, and property received by the company that must be included as taxable income.

•

Income Taxes. Income taxes are defined to include those taxes levied by state, federal, and local governments on the company's reported accounting profit. Income taxes generally include both deferred and paid taxes. They are generally determined after the interest expense has been deducted.

•

Interest Expense on Debt. Interest expenses on debt are those which are spent on current debt and added to the net income so avoid underestimating interest coverage.

•

Minority Interest. Minority interest is the proportional share of the minority ownership's interest (less than 50 percent) in the earnings or losses.

•

Net Income Available to Common. Net income available to common is defined as the net income available to common stockholders.

•

Net Income Before Preferred Dividends. Net income before preferred dividends is generally calculated as the difference between total revenues and total expense prior to the granting of preferred dividends.

•

Net Sales or Revenues. Revenues or net sales are defined as payments made to and received by an entity. May take the form of taxes, user fees, fines, fees for service, and so on.

•

Non-Operating Interest Income. Non-operating interest income is generally understood to be any interest received (e.g., royalty, production payment, net profits interest) that does not involve the operation of the company.

•

Operating Expenses. Operating expenses are generally defined as those incurred in paying for the company’s day-to-day activities.

•

Operating Income. Operating income is generally defined to equal operating revenues less operating expenses. It typically excludes items of other revenue and expense such as equity in earnings of unconsolidated companies, dividends, interest income and expense, income taxes, extraordinary items, and cumulative effect of accounting changes.

•

Pretax Income. Pretax income is generally defined as income before tax deductions.

•

Selling, General & Administrative Expenses. Selling, general and administrative expenses are expenses independent from cost of sales for the purpose of illustrating the amount of the company's selling and administrative costs. Generally included in this figure are the costs of employees' salaries, commissions, and travel expenses; company payroll and office costs; and advertising and promotion.

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3.4.3

60

Income Structure: Outlook

Using the methodology described in the introduction, the following table summarizes income structure benchmarks for firms involved in computer programming, data processing and computer related services in Greece. To allow comparable benchmarking, a common index of Net Sales or Revenues = 100 is used. All figures are current-year projections for companies operating in Greece based on latest financial results available. Income Structure Greece Europe World Avg. _________________________________________________________________________________________________________

Net Sales or Revenues Cost of Goods Sold (Excluding Depreciation) Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Other Income/Expense Net Earnings Before Interest and Taxes (EBIT) Interest Expense on Debt Pretax Income Income Taxes Minority Interest Net Income Before Extra Items/Prefer Dividends Net Income Before Preferred Dividends Net Income Available to Common

100.00 44.50 16.74 34.98 14.47 80.21 -0.17 18.94 1.55 2.51 2.37 2.10 22.37 1.84 20.54 8.12 1.47 11.53 11.53 11.53

100.00 58.13 7.67 29.02 22.47 82.09 3.72 9.85 1.11 2.22 1.80 1.90 14.04 3.62 10.53 3.67 0.24 6.58 6.60 6.58

100.00 55.68 7.59 29.38 21.19 78.97 2.66 12.16 0.17 0.47 1.79 1.49 16.24 3.42 12.89 2.91 0.36 9.64 9.53 9.63

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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Financial Indicators

3.4.4

61

Large Variances: Income

The following graphics summarize for computer programming, data processing and computer related services the large income structure gaps between firms operating in Greece and the world average. A gap cannot necessarily be interpreted as a positive or negative reflection on performance. Gaps may signal areas of specialization, market focus, or expertise. More contextual information is required to fully interpret these gaps. The gaps highlighted here are simply those that are large.

Gap: Cost of Goods Sold (Excluding Depreciation) 60

58.13

55.68

44.5

40 20 0 -11.18

-20 Greece

Europe

World Average

Gap

Gap: Depreciation, Depletion & Amortization 20

16.74

15 10

7.67

7.59

9.15

5 0 Greece

Europe

World Average

Gap

Gap: Gross Income 40

34.98 29.02

30

29.38

20 5.6

10 0 Greece

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Europe

World Average

Gap

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Gap: Selling, General & Administrative Expenses 25 20 15 10 5 0 -5 -10

22.47

21.19

14.47

-6.72 Greece

Europe

World Average

Gap

Gap: Operating Expenses - Total 3.72

4

2.66

2 0.17 0 -2

-2.49

-4 Greece

Europe

World Average

Gap

Gap: Operating Income 20

18.94

15 9.85

10

12.16 6.78

5 0 Greece

Europe

World Average

Gap

Gap: Extraordinary Charge - Pretax 3 2.5

2.51

2.22

2.04

2 1.5 1

0.47

0.5 0 Greece

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Europe

World Average

Gap

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Gap: Earnings Before Interest and Taxes (EBIT) 25

22.37

20 14.04

15

16.24

10

6.13

5 0 Greece

Europe

World Average

Gap

Gap: Pretax Income 25

20.54

20 15

10.53

12.89 7.65

10 5 0 Greece

Europe

World Average

Gap

Gap: Income Taxes 10 8

8.12 5.21

6 3.67

4

2.91

2 0 Greece

Europe

World Average

Gap

Gap: Net Income Before Preferred Dividends 12

11.53 9.53

10 8

6.6

6 4

2

2 0 Greece

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Europe

World Average

Gap

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Financial Indicators

3.4.5

64

Key Percentiles and Rankings

We now consider the distribution of income ratios for computer programming, data processing and computer related services using ranks and percentiles. What percent of countries have a value lower or higher than Greece (what is the ratio's rank or percentile)? The table below answers this question with respect to the vertical analysis of income structure. The ranks and percentiles indicate, from highest to lowest, where a value falls within the distribution of all countries considered in the global benchmark (the number of countries in the benchmark per line item may vary, as indicated in the Rank). Again, a high or low figure does not necessarily indicate good or bad performance. After the summary table below, a few key vertical income ratios are highlighted in additional tables. Income Structure

Greece

Rank of Total

Percentile

Net Sales or Revenues Cost of Goods Sold (Excluding Depreciation) Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Other Income/Expense Net Earnings Before Interest and Taxes (EBIT) Interest Expense on Debt Pretax Income Income Taxes Minority Interest Net Income Before Extra Items/Prefer Dividends Net Income Before Preferred Dividends Net Income Available to Common

100.00 44.50 16.74 34.98 14.47 80.21 -0.17 18.94 1.55 2.51 2.37 2.10 22.37 1.84 20.54 8.12 1.47 11.53 11.53 11.53

41 of 48 5 of 53 20 of 51 37 of 44 36 of 50 42 of 43 8 of 53 6 of 29 6 of 32 20 of 48 17 of 53 10 of 53 19 of 53 8 of 53 5 of 53 1 of 42 11 of 53 11 of 53 11 of 53

14.58 90.57 60.78 15.91 28.00 2.33 84.91 79.31 81.25 58.33 67.92 81.13 64.15 84.91 90.57 97.62 79.25 79.25 79.25

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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©2007 Icon Group International, Inc.

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Cost of Goods Sold (Excluding Depreciation) Countries

Value (total revenue = 100)

Rank

Percentile

89.70 87.06 84.48 84.36 83.71 76.96 75.28 72.71 71.43 71.26 71.23 70.16 69.96 69.18 68.01 65.99 65.44 64.52 63.17 62.65 62.51 62.12 61.28 58.79 58.74 58.44 57.73 57.24 55.56 54.04 52.06 51.51 51.02 50.82 50.36 49.81 46.30 44.50 32.98 19.75 3.27

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 23 24 25 26 27 28 29 30 31 33 34 35 36 37 38 40 41 44 47 48

97.92 95.83 93.75 91.67 89.58 87.50 85.42 83.33 81.25 79.17 77.08 75.00 72.92 70.83 68.75 66.67 64.58 62.50 60.42 58.33 56.25 52.08 50.00 47.92 45.83 43.75 41.67 39.58 37.50 35.42 31.25 29.17 27.08 25.00 22.92 20.83 16.67 14.58 8.33 2.08 0.00

Region

_________________________________________________________________________________________________________

Luxembourg Hungary Belgium Czech Republic Sweden France South Africa Brazil Spain Peru India Norway Netherlands Chile South Korea China Japan Malaysia Switzerland Poland Finland Ireland Russia Denmark Singapore the United Kingdom Philippines Germany Argentina Portugal Thailand Australia New Zealand Hong Kong Canada Italy USA Greece Indonesia Israel Pakistan

Europe Europe Europe Europe Europe Europe Africa Latin America Europe Latin America Asia Europe Europe Latin America Asia Asia Asia Asia Europe Europe Europe Europe Europe Europe Asia Europe Asia Europe Latin America Europe Asia Oceana Oceana Asia North America Europe North America Europe Asia the Middle East the Middle East

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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©2007 Icon Group International, Inc.

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Cost of Goods Sold (Excluding Depreciation) (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total revenue = 100)

Rank

Percentile

89.70 87.06 84.48 84.36 83.71 80.08 80.04 78.29 76.96 74.44 73.29 71.43 70.16 69.96 67.06 65.56 63.17 62.65 62.57 62.51 62.43 62.21 62.12 61.28 61.14 58.95 58.79 58.44 57.24 56.96 56.33 54.20 54.11 54.04 52.83 51.73 50.21 49.81 48.73 46.77 44.50 41.24 40.70

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

97.67 95.35 93.02 90.70 88.37 86.05 83.72 81.40 79.07 76.74 74.42 72.09 69.77 67.44 65.12 62.79 60.47 58.14 55.81 53.49 51.16 48.84 46.51 44.19 41.86 39.53 37.21 34.88 32.56 30.23 27.91 25.58 23.26 20.93 18.60 16.28 13.95 11.63 9.30 6.98 4.65 2.33 0.00

_________________________________________________________________________________________________________

Luxembourg Hungary Belgium Czech Republic Sweden Latvia Croatia Ukraine France Gibraltar Georgia Spain Norway Netherlands Slovenia Estonia Switzerland Poland Belarus Finland Slovakia Albania Ireland Russia Lithuania Liechtenstein Denmark the United Kingdom Germany Monaco Moldova Kazakhstan Bulgaria Portugal Andorra Cyprus Vatican City Italy Faroe Islands Iceland Greece Malta Isle of Man

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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©2007 Icon Group International, Inc.

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Selling, General & Administrative Expenses Countries

Value (total revenue = 100)

Rank

Percentile

53.64 53.42 43.41 40.93 40.63 39.13 37.84 36.42 35.17 34.26 33.28 31.91 31.23 29.85 24.47 23.55 21.06 20.22 18.27 17.36 17.34 17.29 17.29 17.14 15.96 15.91 15.46 15.44 14.90 14.71 14.47 14.44 13.97 13.00 12.36 8.10

1 2 3 4 5 6 8 9 10 11 12 13 14 15 19 20 21 22 23 24 25 26 27 28 29 30 32 33 34 36 37 38 39 40 41 44

97.73 95.45 93.18 90.91 88.64 86.36 81.82 79.55 77.27 75.00 72.73 70.45 68.18 65.91 56.82 54.55 52.27 50.00 47.73 45.45 43.18 40.91 38.64 36.36 34.09 31.82 27.27 25.00 22.73 18.18 15.91 13.64 11.36 9.09 6.82 0.00

Region

_________________________________________________________________________________________________________

Israel Denmark Belgium Indonesia Netherlands Italy USA Canada France Thailand Ireland the United Kingdom Australia India Poland Germany Hong Kong Malaysia Japan China Switzerland Singapore Norway South Korea Turkey Mexico Brazil Russia South Africa Chile Greece Peru Argentina Sweden Philippines Luxembourg

the Middle East Europe Europe Asia Europe Europe North America North America Europe Asia Europe Europe Oceana Asia Europe Europe Asia Asia Asia Asia Europe Asia Europe Asia the Middle East Latin America Latin America Europe Africa Latin America Europe Latin America Latin America Europe Asia Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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©2007 Icon Group International, Inc.

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Selling, General & Administrative Expenses (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total revenue = 100)

Rank

Percentile

53.42 43.41 40.63 39.45 39.13 38.23 35.17 33.28 31.91 24.47 23.55 22.00 21.17 21.13 20.19 17.34 17.29 16.77 16.52 16.18 15.77 15.73 15.44 15.41 15.16 14.47 13.91 13.52 13.41 13.23 13.04 13.00 12.60 8.10

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

97.06 94.12 91.18 88.24 85.29 82.35 79.41 76.47 73.53 70.59 67.65 64.71 61.76 58.82 55.88 52.94 50.00 47.06 44.12 41.18 38.24 35.29 32.35 29.41 26.47 23.53 20.59 17.65 14.71 11.76 8.82 5.88 2.94 0.00

_________________________________________________________________________________________________________

Denmark Belgium Netherlands Vatican City Italy Iceland France Ireland the United Kingdom Poland Germany Moldova Kazakhstan Bulgaria Faroe Islands Switzerland Norway Monaco Estonia Liechtenstein Belarus Slovakia Russia Lithuania Romania Greece Bosnia & Herzegovina Macedonia Malta Isle of Man Serbia & Montenegro Sweden Albania Luxembourg

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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©2007 Icon Group International, Inc.

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Operating Expenses - Total Countries

Value (total revenue = 100)

Rank

Percentile

23.14 18.15 16.61 13.94 13.33 12.50 12.03 11.95 10.21 9.13 7.33 7.16 5.63 4.89 4.37 3.98 3.56 3.18 3.11 2.28 1.70 1.48 1.25 0.97 0.90 0.76 0.55 0.53 0.51 0.49 0.48 0.46 0.20 0.05 0.04 -0.14 -0.17 -7.51

1 2 3 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 23 25 26 27 28 29 30 31 32 33 35 36 37 38 39 40 41 42 43

97.67 95.35 93.02 88.37 86.05 83.72 81.40 79.07 76.74 74.42 72.09 69.77 67.44 65.12 62.79 60.47 58.14 55.81 53.49 46.51 41.86 39.53 37.21 34.88 32.56 30.23 27.91 25.58 23.26 18.60 16.28 13.95 11.63 9.30 6.98 4.65 2.33 0.00

Region

_________________________________________________________________________________________________________

Finland Australia Philippines Netherlands Germany Spain Switzerland Ireland Norway Portugal Singapore France South Africa Denmark the United Kingdom Sweden India Peru Indonesia Hong Kong Malaysia USA Poland China Italy Belgium South Korea Luxembourg Argentina Russia Brazil Chile Israel Pakistan Japan Canada Greece Czech Republic

Europe Oceana Asia Europe Europe Europe Europe Europe Europe Europe Asia Europe Africa Europe Europe Europe Asia Latin America Asia Asia Asia North America Europe Asia Europe Europe Asia Europe Latin America Europe Latin America Latin America the Middle East the Middle East Asia North America Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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©2007 Icon Group International, Inc.

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Operating Expenses - Total (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total revenue = 100)

Rank

Percentile

23.14 13.94 13.33 12.50 12.03 11.95 11.73 11.22 10.21 9.13 8.74 7.16 7.11 4.89 4.37 3.98 2.78 2.19 1.50 1.25 1.13 1.08 1.08 0.91 0.90 0.76 0.53 0.53 0.50 0.50 0.49 0.49 -0.16 -0.16 -0.17 -7.12 -7.13 -7.51

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38

97.37 94.74 92.11 89.47 86.84 84.21 81.58 78.95 76.32 73.68 71.05 68.42 65.79 63.16 60.53 57.89 55.26 52.63 50.00 47.37 44.74 42.11 39.47 36.84 34.21 31.58 28.95 26.32 23.68 21.05 18.42 15.79 13.16 10.53 7.89 5.26 2.63 0.00

_________________________________________________________________________________________________________

Finland Netherlands Germany Spain Switzerland Ireland Slovenia Liechtenstein Norway Portugal Cyprus France Monaco Denmark the United Kingdom Sweden Albania Faroe Islands Iceland Poland Moldova Kazakhstan Bulgaria Vatican City Italy Belgium Luxembourg Estonia Belarus Slovakia Russia Lithuania Isle of Man Malta Greece Croatia Latvia Czech Republic

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

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Operating Income Countries

Value (total revenue = 100)

Rank

Percentile

44.13 42.82 42.71 22.13 21.70 20.11 18.94 15.51 15.01 14.89 14.41 12.94 12.42 11.66 11.46 11.33 10.30 10.05 9.33 8.23 7.67 7.58 7.42 7.22 7.20 7.06 6.91 6.79 6.72 6.71 6.42 6.34 5.88 5.59 5.48 5.02 4.58 4.55 3.91 3.82 3.49 2.36 0.12 -0.10 -4.06

1 2 3 5 6 7 8 10 11 12 13 14 15 16 17 18 20 21 22 24 25 26 28 29 30 31 32 33 34 35 36 37 38 40 41 43 44 45 47 48 49 50 51 52 53

98.11 96.23 94.34 90.57 88.68 86.79 84.91 81.13 79.25 77.36 75.47 73.58 71.70 69.81 67.92 66.04 62.26 60.38 58.49 54.72 52.83 50.94 47.17 45.28 43.40 41.51 39.62 37.74 35.85 33.96 32.08 30.19 28.30 24.53 22.64 18.87 16.98 15.09 11.32 9.43 7.55 5.66 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

New Zealand Turkey Mexico Philippines Hong Kong Israel Greece Argentina India Portugal Singapore Australia China Pakistan Indonesia Czech Republic USA Spain Japan South Korea Malaysia the United Kingdom Russia Canada Poland Brazil Denmark Thailand Chile France South Africa Netherlands Germany Italy Peru Belgium Switzerland Sweden Finland Taiwan Ireland Norway Luxembourg Austria Hungary

Oceana the Middle East Latin America Asia Asia the Middle East Europe Latin America Asia Europe Asia Oceana Asia the Middle East Asia Europe North America Europe Asia Asia Asia Europe Europe North America Europe Latin America Europe Asia Latin America Europe Africa Europe Europe Europe Latin America Europe Europe Europe Europe Asia Europe Europe Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

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Operating Income (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total revenue = 100)

Rank

Percentile

45.70 40.69 37.34 36.29 35.01 20.81 18.94 17.56 17.33 14.89 14.25 13.97 11.33 10.75 10.75 10.41 10.05 9.44 7.94 7.58 7.57 7.56 7.42 7.40 7.20 6.91 6.71 6.47 6.34 6.23 6.22 5.88 5.63 5.59 5.02 4.78 4.58 4.55 4.27 3.91 3.49 2.36 0.12 -0.10 -0.10 -0.10 -0.10 -3.42 -3.47 -3.65 -4.06

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Andorra Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Faroe Islands Greece Malta Isle of Man Portugal Cyprus Monaco Czech Republic Latvia Croatia Iceland Spain Slovenia Estonia the United Kingdom Belarus Slovakia Russia Lithuania Poland Denmark France Moldova Netherlands Kazakhstan Bulgaria Germany Vatican City Italy Belgium Albania Switzerland Sweden Liechtenstein Finland Ireland Norway Luxembourg Guernsey Jersey San Marino Austria Georgia Gibraltar Ukraine Hungary

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

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Earnings Before Interest and Taxes (EBIT) Countries

Value (total revenue = 100)

Rank

Percentile

56.35 55.88 55.73 42.24 39.12 26.28 23.20 23.02 22.37 20.54 18.11 17.90 17.41 17.26 17.12 16.42 16.16 16.12 14.48 11.97 11.40 11.10 11.03 10.71 9.67 9.37 9.14 9.14 9.09 8.88 8.30 8.19 8.15 8.15 7.93 7.53 7.35 6.46 5.67 5.07 4.88 4.41 1.52 1.24 0.68

1 2 3 5 6 7 8 9 10 11 13 14 15 16 18 19 20 21 24 26 27 28 29 30 31 32 33 34 35 36 38 39 40 41 42 43 44 46 47 48 49 50 51 52 53

98.11 96.23 94.34 90.57 88.68 86.79 84.91 83.02 81.13 79.25 75.47 73.58 71.70 69.81 66.04 64.15 62.26 60.38 54.72 50.94 49.06 47.17 45.28 43.40 41.51 39.62 37.74 35.85 33.96 32.08 28.30 26.42 24.53 22.64 20.75 18.87 16.98 13.21 11.32 9.43 7.55 5.66 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

New Zealand Turkey Mexico Pakistan Portugal Israel Philippines Hong Kong Greece Thailand India Argentina Czech Republic Brazil Indonesia Chile Australia Singapore China Ireland Denmark Spain Germany USA Malaysia Japan Poland Peru South Korea Italy South Africa Russia the United Kingdom Taiwan France Netherlands Finland Switzerland Canada Sweden Belgium Norway Hungary Luxembourg Austria

Oceana the Middle East Latin America the Middle East Europe the Middle East Asia Asia Europe Asia Asia Latin America Europe Latin America Asia Latin America Oceana Asia Asia Europe Europe Europe Europe North America Asia Asia Europe Latin America Asia Europe Africa Europe Europe Asia Europe Europe Europe Europe North America Europe Europe Europe Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

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74

Earnings Before Interest and Taxes (EBIT) (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total revenue = 100)

Rank

Percentile

58.35 53.10 48.73 47.36 45.68 39.12 37.45 22.37 22.07 20.74 20.46 17.41 16.52 16.52 15.63 11.97 11.40 11.10 11.03 10.82 10.42 9.14 8.95 8.88 8.76 8.36 8.35 8.22 8.19 8.17 8.15 7.98 7.93 7.91 7.89 7.53 7.35 6.46 6.02 5.07 4.88 4.41 1.52 1.36 1.30 1.28 1.24 0.68 0.67 0.65 0.65

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Andorra Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Portugal Cyprus Greece Faroe Islands Malta Isle of Man Czech Republic Latvia Croatia Monaco Ireland Denmark Spain Germany Iceland Slovenia Poland Vatican City Italy Estonia Belarus Slovakia Moldova Russia Lithuania the United Kingdom Albania France Kazakhstan Bulgaria Netherlands Finland Switzerland Liechtenstein Sweden Belgium Norway Hungary Ukraine Gibraltar Georgia Luxembourg Austria San Marino Jersey Guernsey

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

75

Pretax Income Countries

Value (total revenue = 100)

Rank

Percentile

55.18 34.67 34.58 25.27 22.35 21.85 20.54 17.89 16.43 16.14 15.60 15.51 15.02 14.14 12.67 12.16 10.64 9.69 9.69 9.27 9.21 8.79 8.52 8.34 8.30 7.13 6.87 6.76 6.60 6.53 5.69 5.62 5.60 5.41 5.24 5.15 4.51 4.21 4.21 3.65 3.47 2.21 1.22 0.54 0.08

1 2 3 5 6 7 8 10 11 12 13 14 15 17 18 20 23 24 25 26 27 28 29 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 51 52 53

98.11 96.23 94.34 90.57 88.68 86.79 84.91 81.13 79.25 77.36 75.47 73.58 71.70 67.92 66.04 62.26 56.60 54.72 52.83 50.94 49.06 47.17 45.28 41.51 39.62 37.74 35.85 33.96 32.08 30.19 28.30 26.42 24.53 22.64 20.75 18.87 16.98 15.09 13.21 11.32 9.43 7.55 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

New Zealand Turkey Mexico Israel Hong Kong Philippines Greece India Czech Republic Portugal Singapore Indonesia Thailand Australia China Argentina Pakistan USA Spain Germany South Korea Malaysia Denmark Japan Russia the United Kingdom Taiwan France Italy Poland Switzerland Netherlands Finland Brazil South Africa Chile Sweden Ireland Canada Belgium Norway Peru Hungary Luxembourg Austria

Oceana the Middle East Latin America the Middle East Asia Asia Europe Asia Europe Europe Asia Asia Asia Oceana Asia Latin America the Middle East North America Europe Europe Asia Asia Europe Asia Europe Europe Asia Europe Europe Europe Europe Europe Europe Latin America Africa Latin America Europe Europe North America Europe Europe Latin America Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

76

Pretax Income (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total revenue = 100)

Rank

Percentile

57.14 32.94 30.23 29.38 28.34 21.44 20.54 19.03 18.78 16.43 16.14 15.59 15.59 15.45 15.13 9.79 9.69 9.27 9.10 8.87 8.52 8.47 8.45 8.30 8.28 7.13 6.76 6.65 6.60 6.53 5.87 5.69 5.65 5.64 5.62 5.60 5.31 4.51 4.21 3.65 3.47 1.93 1.22 1.09 1.04 1.02 0.54 0.08 0.08 0.08 0.08

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Andorra Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Faroe Islands Greece Malta Isle of Man Czech Republic Portugal Latvia Croatia Cyprus Monaco Iceland Spain Germany Slovenia Estonia Denmark Belarus Slovakia Russia Lithuania the United Kingdom France Vatican City Italy Poland Moldova Switzerland Kazakhstan Bulgaria Netherlands Finland Liechtenstein Sweden Ireland Belgium Norway Albania Hungary Ukraine Gibraltar Georgia Luxembourg Austria San Marino Jersey Guernsey

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

77

Income Taxes Countries

Value (total revenue = 100)

Rank

Percentile

15.37 15.32 14.16 8.12 7.61 6.08 5.71 5.25 4.55 4.13 4.09 3.86 3.85 3.55 3.55 3.38 3.09 2.64 2.54 2.53 2.49 2.45 2.35 2.22 2.12 2.05 2.03 1.99 1.98 1.96 1.93 1.85 1.81 1.74 1.40 1.38 1.33 1.22 0.96 0.86 0.68 0.57 0.30 0.17 -0.22

1 2 4 5 6 7 8 9 12 14 15 16 18 19 20 21 22 24 25 26 27 28 29 30 31 32 33 34 35 36 37 39 40 41 42 43 44 45 46 47 49 50 51 52 53

98.11 96.23 92.45 90.57 88.68 86.79 84.91 83.02 77.36 73.58 71.70 69.81 66.04 64.15 62.26 60.38 58.49 54.72 52.83 50.94 49.06 47.17 45.28 43.40 41.51 39.62 37.74 35.85 33.96 32.08 30.19 26.42 24.53 22.64 20.75 18.87 16.98 15.09 13.21 11.32 7.55 5.66 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Turkey Mexico New Zealand Greece Czech Republic Philippines Thailand Portugal Japan Argentina Indonesia Italy Israel Australia Germany USA Denmark Singapore India South Africa France Belgium Malaysia the United Kingdom Hong Kong South Korea Finland Netherlands Poland Sweden Canada Russia Spain China Brazil Switzerland Chile Ireland Peru Taiwan Norway Hungary Pakistan Austria Luxembourg

the Middle East Latin America Oceana Europe Europe Asia Asia Europe Asia Latin America Asia Europe the Middle East Oceana Europe North America Europe Asia Asia Africa Europe Europe Asia Europe Asia Asia Europe Europe Europe Europe North America Europe Europe Asia Latin America Europe Latin America Europe Latin America Asia Europe Europe the Middle East Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

78

Income Taxes (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value (total revenue = 100)

Rank

Percentile

14.67 14.60 13.40 13.02 12.56 8.12 7.61 7.53 7.43 7.22 7.22 5.25 5.03 3.89 3.86 3.55 3.41 3.09 2.56 2.49 2.45 2.22 2.03 2.03 1.99 1.98 1.97 1.96 1.88 1.88 1.85 1.84 1.81 1.78 1.71 1.71 1.70 1.38 1.29 1.22 0.83 0.68 0.57 0.51 0.48 0.48 0.17 0.17 0.16 0.16 -0.22

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Andorra Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Greece Czech Republic Malta Isle of Man Latvia Croatia Portugal Cyprus Vatican City Italy Germany Iceland Denmark Monaco France Belgium the United Kingdom Faroe Islands Finland Netherlands Poland Estonia Sweden Belarus Slovakia Russia Lithuania Spain Moldova Kazakhstan Bulgaria Slovenia Switzerland Liechtenstein Ireland Albania Norway Hungary Ukraine Gibraltar Georgia Austria San Marino Jersey Guernsey Luxembourg

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.5 3.5.1

79

FINANCIAL RETURNS IN GREECE: PROFITABILITY RATIOS Overview

In this chapter we consider additional financial ratios estimated for firms involved in computer programming, data processing and computer related services operating in Greece benchmarked against global averages. The chapter begins by defining relevant terms. Estimates are then presented for the proto-typical firm operating in Greece compared to average global benchmarks. For ratios where there are large deviations between the average firm in Greece and the benchmarks, graphics are provided. Then the distribution of ratios is presented in the form of ranks and percentiles. Certain key ratios are highlighted across countries in the comparison group.

3.5.2

Ratios – Definitions of Terms

The following definitions are provided for those less familiar with financial ratio analysis. As this chapter deals with the global benchmarking of ratios, only definitions covering certain terms used in this chapter’s tables and graphs are provided here . The glossary below reflects commonly accepted definitions across various countries and official sources. •

Accounts Receivables Days. The number of days' receivable sales generally correlates to the amount of the accounts receivables to the average daily sales on account. Accounts receivables days is often determined by dividing the gross receivables by (net sales/365).

•

Cash Earnings Return On Equity (%). Cash earnings return on equity generally measures the return of revenues to the shareholders. This ratio is generally calculated by dividing (net income before nonrecurring items minus preferred dividends) by the average common equity.

•

Cash Flow. Cash flow is generally defined as being equal to the company's net income plus the charge-off amounts for depreciation, depletion, amortization, extraordinary charges to reserves. These are bookkeeping deductions which are not paid out as cash.

•

Current Ratio. The current ratio is generally defined as a ratio of liquidity measuring the ability of a business to pay its current obligations when due. The current ratio is generally calculated by dividing total current assets by total current liabilities. Managers and lenders often want the current ratio to be 2.00 or greater. This ratio is often seen as an indication of short-term debt-paying ability. The higher the ratio, the more liquid the company.

•

Dividend Payout (% Earnings) - Total Dividends (%). The dividend payout ratio is generally used to measure the amount of current earnings per common share which are paid out in dividends. This ratio is generally determined by dividing dividends per common share by diluted earnings per share.

•

Fixed Charge Coverage Ratio. The fixed charge coverage ratio is generally seen as an indication of the company's ability to cover its fixed charges. This ratio is typically determined by dividing recurring earnings excluding interest expense, tax expense, equity earnings, and minority earnings plus interest from rentals by interest expense including capitalized interest and interest from rentals.

•

Gross Profit Margin (%). The gross profit margin is typically defined to equals the difference, in percent, between net sales revenue and the cost of goods sold.

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Financial Indicators

80

•

Inventories (# of Days) Held. Inventory days held is generally determined by dividing the ending inventory by (the cost of goods held/365). The number of days held results in the average daily cost of goods held.

•

Inventory Turnover (%). Inventory turnover is used as a measure of the balance of inventory. It generally compares the amount of inventory with the total sales for the year. The ratio can reflect both on the quality of the inventory and the efficiency of management. Typically, the higher the turnover rate, the greater the likelihood that profits would be larger and less working capital bound up in inventory.

•

Net Margin (%). The net margin is the ratio of net income dollars generated by each dollar of sales.

•

Operating Profit Margin (%). Operating profit margin percent is the ratio of operating profit to net sales. Operating profit (loss) is income or loss before taxes calculated by the difference between total revenues and total expense disregarding the effects of any extraordinary transactions.

•

Quick Ratio. The quick ratio, also commonly known as the “acid test ratio”, is a refined current ratio and is often seen as a more conservative measure of liquidity. The quick ratio is generally determined by dividing cash and equivalents plus trade receivables by total current liabilities. The ratio shows the degree to which a company's current liabilities can be covered by the most liquid current assets. Financial management texts generally conclude that any value of less than 1 to 1 implies a reciprocal dependency on inventory or other current assets to liquidate short-term debt.

•

Reinvestment Rate - Total (%). The reinvestment rate is typically defined as the rate at which an investor assumes interest payments made on a debt security can be reinvested over the life of that security.

•

Return on Assets (%). Return on assets is generally used to measure a company's ability to use assets to create profit.

•

Return on Equity - Total (%). The return on total equity ratio is often seen to reflect the profitability of the company's operations after income taxes. Return on equity is often considered to be a good measure of the company's profitability. Tax laws and tax loss carryovers can affect the net income and therefore can also affect the return on equity.

•

Return on Invested Capital (%). The ratio of return on invested capital is typically defined as an evaluation of earnings performance without regard to the method of financing. This ratio measures the earnings on investment and is an indication of how well the company utilizes its asset base. Return on investment is a type of return on capital, therefore this ratio can be an indication of the company’s ability to reward investors who provide long-term funds and to attract future investors.

•

Tax Rate (%). The tax rate is typically defined as the average rate of domestic tax owed to government by the company.

•

Working Capital. Net working capital equals the difference between total current assets and total current liabilities. Working capital often reflects a company's ability to expand volume and meet obligations. Since growth is usually one goal, the amount of working capital on this year's balance sheet should be greater than that of the previous year's. This is an efficiency, or turnover, ratio which benchmarks the rate at which current assets less current liabilities are used by the company in making sales. A low ratio can indicate a less profitable use of working capital in making sales. On the other hand, a very high ratio can indicate the company is wasting current assets which could be more efficiently deployed in production and in increasing sales and profits; or that the company my be undercapitalized, and thus vulnerable to liquidity problems in a period of weak business conditions.

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Financial Indicators

3.5.3

81

Ratio Structure: Outlook

Using the methodology described in the introduction, the following table summarizes ratio structure benchmarks for firms involved in computer programming, data processing and computer related services in Greece. All figures are current-year projections for companies operating in Greece based on latest financial results available. Ratios Greece Europe World Avg. _________________________________________________________________________________________________________

Profitability Return on Equity - Total (%) Reinvestment Rate - Total (%) Return on Assets (%) Return on Invested Capital (%) Cash Earnings Return On Equity (%) Cash Flow % Sales Cost Goods Sold / Sales (%) Gross Profit Margin (%) Selling, General & Administrative Expense/Net Sales (%) Research & Development / Net Sales (%) Operating Profit Margin (%) Operating Inc / Total Capital (%) Pretax Margin (%) Tax Rate (%) Net Margin (%) Total Asset Turnover (X) th USD Asset Utilization Inventory Turnover (%) Net Sales % Working Capital Capital Expenditure % Gross Fixed Assets Capital Expenditure % Total Assets Capital Expenditure % Total Sales Accumulated Depreciation % Gross Fixed Assets Leverage Total Debt % Total Capital Long Term Debt % Total Capital Equity % Total Capital Fixed Charge Coverage Ratio Dividend Payout (% Earnings) - Total Dividends Fixed Assets % Common Equity Working Capital % Total Capital Liquidity Quick Ratio Current Ratio Inventories % Total Current Assets Accounts Receivables Days Inventories (# of Days) Held

23.57 12.49 10.99 19.94 44.69 29.74 44.50 34.98 12.57 3.42 18.94 35.20 20.54 47.19 11.53 0.74

14.06 10.18 6.99 10.48 48.71 10.21 58.13 29.02 20.45 4.28 9.85 13.15 10.53 48.33 6.60 1.05

17.24 14.50 11.56 14.69 40.11 17.05 55.68 29.38 18.11 3.27 12.16 16.09 12.89 26.86 9.53 0.87

36.70 4.23 29.86 8.06 9.92 49.28

575.30 2.97 34.52 7.09 10.66 43.89

56.47 6.44 24.58 7.10 11.27 35.46

20.78 4.60 87.65 29.99 17.14 43.78 61.12

23.44 15.18 77.99 44.87 13.21 64.49 39.57

18.53 10.27 80.35 173.48 14.92 50.83 38.37

1.81 1.99 9.68 169.78 45.88

1.99 2.34 8.33 112.98 33.74

2.00 2.38 10.66 81.98 57.17

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.5.4

82

Large Variances: Ratios

The following graphics summarize for computer programming, data processing and computer related services the large ratio structure gaps between firms operating in Greece and the world average. A gap cannot necessarily be interpreted as a positive or negative reflection on performance. Gaps may signal areas of specialization, market focus, or expertise. More contextual information is required to fully interpret these gaps. The gaps highlighted here are simply those that are large.

Gap: Cash Flow % Sales 30

29.74

25 17.05

20 15

12.69

10.21

10 5 0 Greece

Europe

World Average

Gap

Gap: Cost Goods Sold / Sales (%) 60

58.13

55.68

44.5

40 20 0 -11.18

-20 Greece

Europe

World Average

Gap

Gap: Operating Inc / Total Capital (%) 40

35.2

30 20

13.15

16.09

19.11

10 0 Greece

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Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

83

Gap: Pretax Margin (%) 25

20.54

20 15

10.53

12.89 7.65

10 5 0 Greece

Europe

World Average

Gap

Gap: Tax Rate (%) 50

47.19

48.33

40 26.86

30

20.33

20 10 0 Greece

Europe

World Average

Gap

Gap: Inventory Turnover (%) 575.3

600 500 400 300 200 100 0 -100

56.47

36.7

-19.77 Greece

Europe

World Average

Gap

Gap: Accumulated Depreciation % Gross Fixed Assets 50

49.28

43.89 35.46

40 30 20

13.82

10 0 Greece

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Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

84

Gap: Fixed Charge Coverage Ratio 173.48

200 100

29.99

44.87

0 -100

-143.49

-200 Greece

Europe

World Average

Gap

Gap: Working Capital % Total Capital 80 60

61.12 39.57

40

38.37 22.75

20 0 Greece

Europe

World Average

Gap

Gap: Accounts Receivables Days 200

169.78

150

112.98 87.8

81.98

100 50 0 Greece

Europe

World Average

Gap

Gap: Inventories (# of Days) Held 60

57.17 45.88 33.74

40 20 0

-11.29

-20 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

3.5.5

85

Key Percentiles and Rankings

We now consider the distribution of financial ratios for computer programming, data processing and computer related services using ranks and percentiles. What percent of countries have a value lower or higher than Greece (what is the ratio's rank or percentile)? The table below answers this question with respect to financial ratios. The ranks and percentiles indicate, from highest to lowest, where a value falls within the distribution of all countries considered in the global benchmark (the number of countries in the benchmark per line item may vary, as indicated in the Rank). Again, a high or low figure does not necessarily indicate good or bad performance. After the summary table below, a few key financial ratios are highlighted in additional tables. Ratios

Greece

Rank of Total

Percentile

23.57 12.49 10.99 19.94 44.69 29.74 44.50 34.98 12.57 3.42 18.94 35.20 20.54 47.19 11.53 0.74

13 of 53 22 of 53 16 of 53 9 of 53 13 of 53 6 of 53 41 of 48 20 of 51 38 of 44 16 of 25 8 of 53 5 of 53 8 of 53 12 of 52 11 of 53 35 of 53

75.47 58.49 69.81 83.02 75.47 88.68 14.58 60.78 13.64 36.00 84.91 90.57 84.91 76.92 79.25 33.96

36.70 4.23 29.86 8.06 9.92 49.28

18 of 48 27 of 52 8 of 49 13 of 53 16 of 53 18 of 47

62.50 48.08 83.67 75.47 69.81 61.70

20.78 4.60 87.65 29.99 17.14 43.78 61.12

31 of 53 46 of 52 17 of 53 28 of 53 22 of 39 25 of 53 2 of 52

41.51 11.54 67.92 47.17 43.59 52.83 96.15

1.81 1.99 9.68 169.78 45.88

28 of 52 30 of 52 24 of 48 7 of 49 18 of 48

46.15 42.31 50.00 85.71 62.50

_________________________________________________________________________________________________________

Profitability Return on Equity - Total (%) Reinvestment Rate - Total (%) Return on Assets (%) Return on Invested Capital (%) Cash Earnings Return On Equity (%) Cash Flow % Sales Cost Goods Sold / Sales (%) Gross Profit Margin (%) Selling, General & Administrative Expense/Net Sales (%) Research & Development / Net Sales (%) Operating Profit Margin (%) Operating Inc / Total Capital (%) Pretax Margin (%) Tax Rate (%) Net Margin (%) Total Asset Turnover (X) th USD Asset Utilization Inventory Turnover (%) Net Sales % Working Capital Capital Expenditure % Gross Fixed Assets Capital Expenditure % Total Assets Capital Expenditure % Total Sales Accumulated Depreciation % Gross Fixed Assets Leverage Total Debt % Total Capital Long Term Debt % Total Capital Equity % Total Capital Fixed Charge Coverage Ratio Dividend Payout (% Earnings) - Total Dividends Fixed Assets % Common Equity Working Capital % Total Capital Liquidity Quick Ratio Current Ratio Inventories % Total Current Assets Accounts Receivables Days Inventories (# of Days) Held

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

86

Gross Profit Margin (%) Countries

Value

Rank

Percentile

Israel Turkey Mexico Indonesia USA New Zealand Hong Kong Canada Italy Portugal Australia Germany the United Kingdom Singapore Ireland Philippines Greece Thailand Poland Switzerland Denmark Japan China Argentina Finland Malaysia Pakistan Netherlands South Korea Norway India Russia Peru Brazil Spain Chile South Africa France Sweden Belgium Czech Republic Hungary Luxembourg

73.96 67.41 67.23 55.33 47.75 44.13 43.53 43.50 42.71 42.59 41.33 37.36 36.34 36.02 35.68 35.35 34.98 34.56 32.92 32.55 32.32 30.70 30.63 29.99 28.69 27.90 27.00 26.15 25.91 24.65 24.00 23.35 23.10 23.00 22.55 21.88 21.76 17.53 10.62 10.35 8.75 8.74 7.79

1 2 3 5 7 8 9 10 11 12 13 15 16 17 18 19 20 21 22 23 24 25 26 28 30 31 32 34 35 36 37 39 40 41 42 43 44 45 47 48 49 50 51

98.04 96.08 94.12 90.20 86.27 84.31 82.35 80.39 78.43 76.47 74.51 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 45.10 41.18 39.22 37.25 33.33 31.37 29.41 27.45 23.53 21.57 19.61 17.65 15.69 13.73 11.76 7.84 5.88 3.92 1.96 0.00

Region

_________________________________________________________________________________________________________

the Middle East the Middle East Latin America Asia North America Oceana Asia North America Europe Europe Oceana Europe Europe Asia Europe Asia Europe Asia Europe Europe Europe Asia Asia Latin America Europe Asia the Middle East Europe Asia Europe Asia Europe Latin America Latin America Europe Latin America Africa Europe Europe Europe Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

87

Gross Profit Margin (%) (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value

Rank

Percentile

Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Iceland Andorra Vatican City Italy Portugal Faroe Islands Cyprus Germany the United Kingdom Ireland Greece Monaco Poland Switzerland Malta Denmark Isle of Man Liechtenstein Moldova Finland Kazakhstan Bulgaria Netherlands Estonia Norway Belarus Slovakia Russia Lithuania Spain Slovenia Albania France Sweden Belgium Czech Republic Hungary Latvia Croatia Ukraine Luxembourg Gibraltar Georgia

64.05 58.78 57.13 55.11 48.23 45.70 43.05 42.71 42.59 41.74 40.77 37.36 36.34 35.68 34.98 34.93 32.92 32.55 32.42 32.32 31.99 30.37 29.60 28.69 28.48 28.43 26.15 24.98 24.65 23.84 23.79 23.35 23.30 22.55 21.17 20.16 17.53 10.62 10.35 8.75 8.74 8.31 8.31 7.86 7.79 7.48 7.36

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47

97.87 95.74 93.62 91.49 89.36 87.23 85.11 82.98 80.85 78.72 76.60 74.47 72.34 70.21 68.09 65.96 63.83 61.70 59.57 57.45 55.32 53.19 51.06 48.94 46.81 44.68 42.55 40.43 38.30 36.17 34.04 31.91 29.79 27.66 25.53 23.40 21.28 19.15 17.02 14.89 12.77 10.64 8.51 6.38 4.26 2.13 0.00

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

88

Pretax Margin (%) Countries

Value

Rank

Percentile

New Zealand Turkey Mexico Israel Hong Kong Philippines Greece India Czech Republic Portugal Singapore Indonesia Thailand Australia China Argentina Pakistan USA Spain Germany South Korea Malaysia Denmark Japan Russia the United Kingdom Taiwan France Italy Poland Switzerland Netherlands Finland Brazil South Africa Chile Sweden Ireland Canada Belgium Norway Peru Hungary Luxembourg Austria

55.18 34.67 34.58 25.27 22.35 21.85 20.54 17.89 16.43 16.14 15.60 15.51 15.02 14.14 12.67 12.16 10.64 9.69 9.69 9.27 9.21 8.79 8.52 8.34 8.30 7.13 6.87 6.76 6.60 6.53 5.69 5.62 5.60 5.41 5.24 5.15 4.51 4.21 4.21 3.65 3.47 2.21 1.22 0.54 0.08

1 2 3 5 6 7 8 10 11 12 13 14 15 17 18 20 23 24 25 26 27 28 29 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 51 52 53

98.11 96.23 94.34 90.57 88.68 86.79 84.91 81.13 79.25 77.36 75.47 73.58 71.70 67.92 66.04 62.26 56.60 54.72 52.83 50.94 49.06 47.17 45.28 41.51 39.62 37.74 35.85 33.96 32.08 30.19 28.30 26.42 24.53 22.64 20.75 18.87 16.98 15.09 13.21 11.32 9.43 7.55 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Oceana the Middle East Latin America the Middle East Asia Asia Europe Asia Europe Europe Asia Asia Asia Oceana Asia Latin America the Middle East North America Europe Europe Asia Asia Europe Asia Europe Europe Asia Europe Europe Europe Europe Europe Europe Latin America Africa Latin America Europe Europe North America Europe Europe Latin America Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

89

Pretax Margin (%) (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value

Rank

Percentile

Andorra Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Faroe Islands Greece Malta Isle of Man Czech Republic Portugal Latvia Croatia Cyprus Monaco Iceland Spain Germany Slovenia Estonia Denmark Belarus Slovakia Russia Lithuania the United Kingdom France Vatican City Italy Poland Moldova Switzerland Kazakhstan Bulgaria Netherlands Finland Liechtenstein Sweden Ireland Belgium Norway Albania Hungary Ukraine Gibraltar Georgia Luxembourg Austria San Marino Jersey Guernsey

57.14 32.94 30.23 29.38 28.34 21.44 20.54 19.03 18.78 16.43 16.14 15.59 15.59 15.45 15.13 9.79 9.69 9.27 9.10 8.87 8.52 8.47 8.45 8.30 8.28 7.13 6.76 6.65 6.60 6.53 5.87 5.69 5.65 5.64 5.62 5.60 5.31 4.51 4.21 3.65 3.47 1.93 1.22 1.09 1.04 1.02 0.54 0.08 0.08 0.08 0.08

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

90

Quick Ratio Countries

Value

Rank

Percentile

New Zealand Denmark Germany Israel Hong Kong Ireland Japan Indonesia Canada Malaysia South Korea USA Singapore India Philippines Russia Italy Czech Republic Netherlands China Sweden Poland Norway Greece Australia Thailand Finland the United Kingdom Belgium Switzerland Hungary France Portugal Luxembourg South Africa Austria Spain Argentina Taiwan Brazil Turkey Mexico Chile Peru

10.37 4.86 4.34 4.17 3.39 3.22 3.10 3.07 2.99 2.99 2.86 2.76 2.72 2.64 2.61 2.57 2.34 2.23 2.09 1.92 1.92 1.87 1.81 1.81 1.77 1.60 1.59 1.57 1.47 1.47 1.45 1.44 1.29 1.26 1.25 1.11 1.04 1.04 0.94 0.92 0.91 0.91 0.88 0.44

1 2 3 4 5 6 7 8 9 10 12 13 14 15 17 18 19 20 23 24 25 26 27 28 29 30 31 32 33 34 35 36 38 39 40 42 43 44 45 46 47 48 49 51

98.08 96.15 94.23 92.31 90.38 88.46 86.54 84.62 82.69 80.77 76.92 75.00 73.08 71.15 67.31 65.38 63.46 61.54 55.77 53.85 51.92 50.00 48.08 46.15 44.23 42.31 40.38 38.46 36.54 34.62 32.69 30.77 26.92 25.00 23.08 19.23 17.31 15.38 13.46 11.54 9.62 7.69 5.77 1.92

Region

_________________________________________________________________________________________________________

Oceana Europe Europe the Middle East Asia Europe Asia Asia North America Asia Asia North America Asia Asia Asia Europe Europe Europe Europe Asia Europe Europe Europe Europe Oceana Asia Europe Europe Europe Europe Europe Europe Europe Europe Africa Europe Europe Latin America Asia Latin America the Middle East Latin America Latin America Latin America

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

91

Quick Ratio (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value

Rank

Percentile

Andorra Denmark Germany Faroe Islands Ireland Iceland Estonia Monaco Belarus Slovakia Russia Lithuania Vatican City Italy Czech Republic Latvia Croatia Netherlands Sweden Poland Norway Greece Moldova Malta Isle of Man Kazakhstan Bulgaria Finland the United Kingdom Belgium Switzerland Hungary France Liechtenstein Ukraine Portugal Luxembourg Gibraltar Cyprus Georgia Austria San Marino Guernsey Jersey Spain Slovenia Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Albania

10.74 4.86 4.34 3.25 3.22 2.79 2.75 2.64 2.63 2.62 2.57 2.57 2.36 2.34 2.23 2.11 2.11 2.09 1.92 1.87 1.81 1.81 1.68 1.68 1.65 1.62 1.62 1.59 1.57 1.47 1.47 1.45 1.44 1.37 1.31 1.29 1.26 1.24 1.24 1.22 1.11 1.10 1.07 1.07 1.04 0.98 0.86 0.79 0.77 0.74 0.39

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

92

Current Ratio Countries

Value

Rank

Percentile

New Zealand Denmark Germany Israel Hong Kong Indonesia Ireland South Korea Japan Malaysia Canada Switzerland Russia USA India Philippines Singapore Finland Italy China Netherlands Czech Republic Sweden Poland Norway Greece Australia Hungary Thailand the United Kingdom Belgium France South Africa Portugal Turkey Mexico Brazil Luxembourg Chile Peru Taiwan Austria Spain Argentina

10.37 5.08 4.92 4.22 3.65 3.58 3.51 3.47 3.41 3.40 3.38 3.19 3.13 3.08 2.99 2.98 2.96 2.54 2.41 2.41 2.33 2.33 2.15 2.08 2.00 1.99 1.96 1.90 1.85 1.83 1.64 1.61 1.51 1.47 1.46 1.46 1.41 1.37 1.34 1.31 1.28 1.28 1.22 1.13

1 2 3 4 5 6 7 8 9 10 11 13 15 16 17 18 19 21 23 24 25 26 27 28 29 30 31 32 33 34 35 36 38 39 40 41 43 44 46 47 48 49 50 51

98.08 96.15 94.23 92.31 90.38 88.46 86.54 84.62 82.69 80.77 78.85 75.00 71.15 69.23 67.31 65.38 63.46 59.62 55.77 53.85 51.92 50.00 48.08 46.15 44.23 42.31 40.38 38.46 36.54 34.62 32.69 30.77 26.92 25.00 23.08 21.15 17.31 15.38 11.54 9.62 7.69 5.77 3.85 1.92

Region

_________________________________________________________________________________________________________

Oceana Europe Europe the Middle East Asia Asia Europe Asia Asia Asia North America Europe Europe North America Asia Asia Asia Europe Europe Asia Europe Europe Europe Europe Europe Europe Oceana Europe Asia Europe Europe Europe Africa Europe the Middle East Latin America Latin America Europe Latin America Latin America Asia Europe Europe Latin America

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

93

Current Ratio (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value

Rank

Percentile

Andorra Denmark Germany Ireland Faroe Islands Estonia Belarus Switzerland Slovakia Russia Lithuania Iceland Liechtenstein Monaco Finland Vatican City Italy Netherlands Czech Republic Latvia Croatia Sweden Poland Norway Greece Hungary Moldova Malta the United Kingdom Isle of Man Kazakhstan Bulgaria Ukraine Belgium Gibraltar France Georgia Portugal Cyprus Romania Luxembourg Austria Bosnia & Herzegovina San Marino Macedonia Jersey Guernsey Spain Serbia & Montenegro Albania Slovenia

10.74 5.08 4.92 3.51 3.50 3.35 3.20 3.19 3.19 3.13 3.12 3.11 2.98 2.87 2.54 2.43 2.41 2.33 2.33 2.21 2.21 2.15 2.08 2.00 1.99 1.90 1.87 1.84 1.83 1.82 1.80 1.80 1.71 1.64 1.63 1.61 1.60 1.47 1.41 1.39 1.37 1.28 1.27 1.26 1.24 1.23 1.23 1.22 1.19 1.14 1.14

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

94

Inventories % Total Current Assets Countries

Value

Rank

Percentile

Peru Brazil Chile Philippines Switzerland South Africa Indonesia Thailand China South Korea Hungary Spain Russia Norway Taiwan Singapore Greece Hong Kong Malaysia Belgium Germany Netherlands Portugal Denmark Japan France Canada the United Kingdom Argentina Italy Sweden Poland Austria USA Australia Czech Republic India Luxembourg Israel Finland Ireland

64.97 33.17 31.56 19.77 16.33 16.11 16.09 16.07 15.98 13.24 13.11 12.64 11.93 10.99 10.85 10.58 9.68 9.09 9.05 8.99 8.85 8.35 8.00 7.97 7.92 7.68 7.52 7.48 6.82 6.74 6.68 6.37 6.26 5.35 4.93 2.11 1.47 1.36 0.81 0.61 0.05

1 3 4 5 7 8 9 10 11 14 15 16 19 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

97.92 93.75 91.67 89.58 85.42 83.33 81.25 79.17 77.08 70.83 68.75 66.67 60.42 56.25 54.17 52.08 50.00 47.92 45.83 43.75 41.67 39.58 37.50 35.42 33.33 31.25 29.17 27.08 25.00 22.92 20.83 18.75 16.67 14.58 12.50 10.42 8.33 6.25 4.17 2.08 0.00

Region

_________________________________________________________________________________________________________

Latin America Latin America Latin America Asia Europe Africa Asia Asia Asia Asia Europe Europe Europe Europe Asia Asia Europe Asia Asia Europe Europe Europe Europe Europe Asia Europe North America Europe Latin America Europe Europe Europe Europe North America Oceana Europe Asia Europe the Middle East Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

95

Inventories % Total Current Assets (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value

Rank

Percentile

56.71 16.33 15.24 13.11 12.77 12.64 12.18 12.16 11.93 11.91 11.87 11.79 11.21 11.04 10.99 10.26 9.68 8.99 8.97 8.85 8.85 8.72 8.35 8.00 7.97 7.68 7.66 7.48 6.79 6.74 6.68 6.37 6.26 6.20 6.05 6.05 5.73 5.51 5.50 5.41 2.11 2.00 2.00 1.36 0.61 0.05

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

97.83 95.65 93.48 91.30 89.13 86.96 84.78 82.61 80.43 78.26 76.09 73.91 71.74 69.57 67.39 65.22 63.04 60.87 58.70 56.52 54.35 52.17 50.00 47.83 45.65 43.48 41.30 39.13 36.96 34.78 32.61 30.43 28.26 26.09 23.91 21.74 19.57 17.39 15.22 13.04 10.87 8.70 6.52 4.35 2.17 0.00

_________________________________________________________________________________________________________

Albania Switzerland Liechtenstein Hungary Estonia Spain Belarus Slovakia Russia Lithuania Slovenia Ukraine Gibraltar Georgia Norway Monaco Greece Belgium Malta Isle of Man Germany Faroe Islands Netherlands Portugal Denmark France Cyprus the United Kingdom Vatican City Italy Sweden Poland Austria San Marino Guernsey Jersey Moldova Kazakhstan Bulgaria Iceland Czech Republic Latvia Croatia Luxembourg Finland Ireland

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

96

Accounts Receivables Days Countries

Value

Rank

Percentile

Thailand Finland Portugal Italy Greece Spain Malaysia Poland Israel Argentina Hong Kong Singapore France New Zealand Hungary Norway Germany South Korea Belgium Netherlands India Russia Czech Republic Ireland Austria China the United Kingdom Philippines Canada Taiwan Denmark USA Sweden Indonesia Australia South Africa Japan Switzerland Peru Luxembourg Brazil Chile

238.82 197.13 196.64 183.90 169.78 163.41 154.47 142.01 129.47 125.41 123.21 119.38 118.07 111.65 110.76 106.09 105.62 104.49 103.53 96.44 95.72 94.16 92.99 91.93 90.81 89.52 85.71 83.73 80.73 79.71 78.40 78.39 77.55 76.03 74.92 73.32 71.30 69.17 63.57 58.41 47.02 44.74

1 3 4 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 41 43 44 45 48 49

97.96 93.88 91.84 87.76 85.71 83.67 81.63 79.59 77.55 75.51 73.47 71.43 69.39 67.35 65.31 63.27 61.22 59.18 57.14 55.10 51.02 48.98 46.94 44.90 42.86 40.82 38.78 36.73 34.69 32.65 30.61 28.57 26.53 24.49 22.45 20.41 16.33 12.24 10.20 8.16 2.04 0.00

Region

_________________________________________________________________________________________________________

Asia Europe Europe Europe Europe Europe Asia Europe the Middle East Latin America Asia Asia Europe Oceana Europe Europe Europe Asia Europe Europe Asia Europe Europe Europe Europe Asia Europe Asia North America Asia Europe North America Europe Asia Oceana Africa Asia Europe Latin America Europe Latin America Latin America

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

97

Accounts Receivables Days (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value

Rank

Percentile

Finland Portugal Cyprus Vatican City Italy Greece Spain Malta Isle of Man Slovenia Poland Moldova Kazakhstan Bulgaria Faroe Islands France Monaco Andorra Hungary Norway Germany Belgium Estonia Ukraine Netherlands Belarus Slovakia Gibraltar Russia Lithuania Georgia Czech Republic Ireland Austria San Marino Latvia Croatia Guernsey Jersey the United Kingdom Iceland Denmark Sweden Switzerland Liechtenstein Luxembourg Albania

197.13 196.64 188.23 185.38 183.90 169.78 163.41 157.36 155.28 153.41 142.01 127.68 122.87 122.65 118.14 118.07 115.76 115.62 110.76 106.09 105.62 103.53 100.73 99.60 96.44 96.14 95.92 94.70 94.16 93.94 93.24 92.99 91.93 90.81 89.95 88.26 88.23 87.70 87.70 85.71 79.19 78.40 77.55 69.17 64.55 58.41 55.49

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47

97.87 95.74 93.62 91.49 89.36 87.23 85.11 82.98 80.85 78.72 76.60 74.47 72.34 70.21 68.09 65.96 63.83 61.70 59.57 57.45 55.32 53.19 51.06 48.94 46.81 44.68 42.55 40.43 38.30 36.17 34.04 31.91 29.79 27.66 25.53 23.40 21.28 19.15 17.02 14.89 12.77 10.64 8.51 6.38 4.26 2.13 0.00

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

98

Inventories (# of Days) Held Countries

Value

Rank

Percentile

Indonesia Peru Philippines Hong Kong Canada China Brazil Chile Malaysia South Korea Russia USA Greece Singapore Spain Thailand Italy Netherlands South Africa Israel Germany the United Kingdom Switzerland Hungary Australia Poland Japan Sweden Taiwan Argentina Portugal Belgium France Norway Denmark India Austria Czech Republic Finland Luxembourg Ireland

302.82 226.31 108.44 98.85 80.05 76.67 75.75 72.08 68.93 57.06 51.42 47.13 45.88 44.69 43.99 40.94 39.08 38.63 38.10 36.28 35.26 34.17 33.57 30.88 29.55 28.73 27.98 26.26 24.23 22.59 21.44 20.91 19.83 18.54 15.73 13.01 11.50 9.38 5.42 2.19 0.47

1 3 6 7 9 10 11 12 13 14 16 17 18 19 20 21 22 23 24 25 26 28 29 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

97.92 93.75 87.50 85.42 81.25 79.17 77.08 75.00 72.92 70.83 66.67 64.58 62.50 60.42 58.33 56.25 54.17 52.08 50.00 47.92 45.83 41.67 39.58 35.42 33.33 31.25 29.17 27.08 25.00 22.92 20.83 18.75 16.67 14.58 12.50 10.42 8.33 6.25 4.17 2.08 0.00

Region

_________________________________________________________________________________________________________

Asia Latin America Asia Asia North America Asia Latin America Latin America Asia Asia Europe North America Europe Asia Europe Asia Europe Europe Africa the Middle East Europe Europe Europe Europe Oceana Europe Asia Europe Asia Latin America Europe Europe Europe Europe Europe Asia Europe Europe Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

99

Inventories (# of Days) Held (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value

Rank

Percentile

Albania Faroe Islands Estonia Belarus Slovakia Russia Lithuania Iceland Greece Spain Monaco Malta Isle of Man Slovenia Vatican City Italy Netherlands Germany the United Kingdom Switzerland Liechtenstein Hungary Poland Ukraine Gibraltar Sweden Georgia Moldova Kazakhstan Bulgaria Portugal Belgium Cyprus France Norway Denmark Austria San Marino Guernsey Jersey Czech Republic Latvia Croatia Finland Luxembourg Ireland

197.55 94.79 55.01 52.50 52.38 51.42 51.30 47.62 45.88 43.99 43.34 42.52 41.97 41.29 39.39 39.08 38.63 35.26 34.17 33.57 31.32 30.88 28.73 27.77 26.40 26.26 25.99 25.83 24.86 24.81 21.44 20.91 20.53 19.83 18.54 15.73 11.50 11.39 11.11 11.11 9.38 8.91 8.90 5.42 2.19 0.47

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

97.83 95.65 93.48 91.30 89.13 86.96 84.78 82.61 80.43 78.26 76.09 73.91 71.74 69.57 67.39 65.22 63.04 60.87 58.70 56.52 54.35 52.17 50.00 47.83 45.65 43.48 41.30 39.13 36.96 34.78 32.61 30.43 28.26 26.09 23.91 21.74 19.57 17.39 15.22 13.04 10.87 8.70 6.52 4.35 2.17 0.00

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.6 3.6.1

100

PRODUCTIVITY IN GREECE: ASSET-LABOR RATIOS Overview

In this chapter, we consider numerous asset-labor ratios for computer programming, data processing and computer related services in Greece benchmarked against global averages. Productivity and utilization ratios are presented for companies oprating in Greece and the average global benchmarks for computer programming, data processing and computer related services. For ratios where there are large deviations between Greece and the benchmarks, graphics are provided (sometimes referred to as a “gap” analysis). Then the distribution of ratios is presented in the form of ranks and percentiles. Certain asset-labor ratios are highlighted across countries in the comparison group. In the case of asset-labor ratios, this report maintains comparability over time and across countries by using a common currency (the US dollar) and relates each measure to a “per employee basis”. Ratios are projected using raw financial statistics and, as ratios, are therefore comparable. Given a country’s human resource ratios, the resulting figures are benchmarked across regional and global averages. We then report the larger asset-labor ratio gaps for computer programming, data processing and computer related services that Greece has vis-à-vis the worldwide average. Again, a gap need not be a bad sign. Rather, it is simply a substantial difference that might merit further attention or signal a firm’s relative incentive to invest locally. All figures are projections, so due caution is required.

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.6.2

101

Asset to Labor: Outlook

The following tables and graphs are prepared using the methodology described at the beginning of this section. All units are in thousands of US dollars per employee. All figures are current-year projections for computer programming, data processing and computer related services in Greece based on latest financial results available. Labor-asset Ratios ($k/employee) Greece Europe World Avg. _________________________________________________________________________________________________________

Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Total Inventories Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investments in Unconsolidated Subsidiaries Other Investments Property Plant and Equipment - Net Property Plant and Equipment - Gross Land Buildings Machinery & Equipment Rental/Lease Property Transportation Equipment Other Property Plant & Equipment Accumulated Depreciation - Total Accumulated Depreciation - Buildings Accumulated Depreciation -Machinery & Equipment Accumulated Depreciation - Rental/Lease Property Accumulated Depreciation - Transportation Equipment Accumulated Depreciation - Other Prop & Equip Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets

62.64 50.69 14.31 161.26 32.32 1.34 7.35 4.57 0.41 0.65 0.52 233.84 0.39 1.70 0.86 752.97 1593.67 6.96 15.05 6.51 6799.18 0.41 59.33 599.21 2.68 2.43 2653.22 0.21 5.17 27.78 20.73 1.11 5.63 1034.18

56.60 43.92 24.85 191.72 12.86 4.83 4.16 7.22 1.51 2.22 22.75 151.09 3.26 25.15 13.85 225.89 355.84 4.94 28.27 296.87 1852.11 41.07 30.31 153.58 5.17 12.19 846.10 1.41 11.11 33.90 3.02 9.48 17.21 616.54

43.32 20.78 19.42 50.67 14.02 3.35 2.25 3.80 2.84 1.39 13.57 107.54 2.60 24.03 8.65 118.23 235.10 2.43 17.43 143.89 242.05 17.20 14.59 99.39 1.93 4.73 189.77 0.66 3.95 29.10 0.81 3.09 13.99 302.73

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.6.3

102

Asset to Labor: International Gaps

The following graphics summarize for computer programming, data processing and computer related services the large labor-asset gaps between firms operating in Greece and the world average. A gap cannot necessarily be interpreted as a positive or negative reflection on performance. Gaps may signal areas of specialization, market focus, or expertise. More contextual information is required to fully interpret these gaps. The gaps highlighted here are simply those that are large.

Gap: Cash ($k/employee) 60

50.69

43.92

50 40

29.91

30

20.78

20 10 0 Greece

Europe

World Average

Gap

Gap: Receivables (Net) ($k/employee) 200

191.72 161.26

150

110.59

100 50.67

50 0 Greece

Europe

World Average

Gap

Gap: Current Assets - Total ($k/employee) 250

233.84

200

151.09

150

107.54

126.3

100 50 0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

103

Gap: Property Plant and Equipment - Net ($k/employee) 800

752.97 634.74

600 400

225.89 118.23

200 0 Greece

Europe

World Average

Gap

Gap: Property Plant and Equipment - Gross ($k/employee) 2000

1593.67 1358.57

1500 1000 355.84

500

235.1

0 Greece

Europe

World Average

Gap

Gap: Machinery & Equipment ($k/employee) 296.87

300 200

143.89

100

6.51

0 -100

-137.38

-200 Greece

Europe

World Average

Gap

Gap: Rental/Lease Property ($k/employee) 8000

6799.18

6557.13

6000 4000 1852.11

2000

242.05

0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

104

Gap: Other Property Plant & Equipment ($k/employee) 60

59.33 44.74

50 40

30.31

30

14.59

20 10 0 Greece

Europe

World Average

Gap

Gap: Accumulated Depreciation - Total ($k/employee) 600

599.21 499.82

500 400 300 153.58

200 100

99.39

0 Greece

Europe

World Average

Gap

Gap: Accumulated Depreciation - Rental/Lease Property ($k/employee) 3000

2653.22

2463.45

2500 2000 1500

846.1

1000

189.77

500 0 Greece

Europe

World Average

Gap

Gap: Total Assets ($k/employee) 1200

1034.18

1000 800

731.45

616.54

600 302.73

400 200 0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

3.6.4

105

Key Percentiles and Rankings

We now consider the distribution of asset-labor ratios using ranks and percentiles across . What percent of countries have a productivity indicator lower or higher than Greece (what is the indicator's rank or percentile)? The table below answers this question with respect to asset-labor structure. The ranks and percentiles indicate, from highest to lowest, where a value falls within the distribution of all countries considered in the global benchmark (the number of countries in the benchmark per line item may vary, as indicated in the Rank). Again, a high or low figure does not necessarily indicate good or bad performance or productivity. After the summary table below, a few key asset-labor ratios are highlighted in additional tables. Asset Structure ($k/employee)

Greece

Rank of Total

Percentile

Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Total Inventories Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investments in Unconsolidated Subsidiaries Other Investments Property Plant and Equipment - Net Property Plant and Equipment - Gross Land Buildings Machinery & Equipment Rental/Lease Property Transportation Equipment Other Property Plant & Equipment Accumulated Depreciation - Total Accumulated Depreciation - Buildings Accumulated Depreciation -Machinery & Equipment Accumulated Depreciation - Rental/Lease Property Accumulated Depreciation - Transportation Equipment Accumulated Depreciation - Other Prop & Equip Other Assets Deferred Charges Tangible Other Assets Intangible Other Assets Total Assets

62.64 50.69 14.31 161.26 32.32 1.34 7.35 4.57 0.41 0.65 0.52 233.84 0.39 1.70 0.86 752.97 1593.67 6.96 15.05 6.51 6799.18 0.41 59.33 599.21 2.68 2.43 2653.22 0.21 5.17 27.78 20.73 1.11 5.63 1034.18

17 of 53 13 of 50 25 of 48 8 of 53 6 of 49 26 of 37 6 of 35 15 of 33 21 of 36 30 of 39 44 of 47 10 of 52 35 of 41 27 of 43 35 of 40 5 of 53 5 of 50 10 of 30 22 of 47 41 of 45 1 of 17 37 of 41 7 of 50 5 of 48 15 of 40 37 of 39 2 of 17 31 of 35 23 of 44 22 of 53 1 of 34 25 of 37 33 of 44 7 of 53

67.92 74.00 47.92 84.91 87.76 29.73 82.86 54.55 41.67 23.08 6.38 80.77 14.63 37.21 12.50 90.57 90.00 66.67 53.19 8.89 94.12 9.76 86.00 89.58 62.50 5.13 88.24 11.43 47.73 58.49 97.06 32.43 25.00 86.79

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

106

Cash & Short Term Investments Countries

Value ($K/employee)

Rank

Percentile

237.80 192.95 167.17 150.64 146.05 145.65 132.33 121.10 104.43 88.19 83.57 83.47 75.89 67.28 62.64 62.51 51.20 39.57 37.67 32.95 29.94 28.43 25.22 24.24 23.05 20.60 19.66 18.96 17.76 17.48 16.71 16.18 16.11 15.60 14.85 13.65 13.17 12.88 11.95 9.84 9.33 8.53 8.51 6.85 1.86

1 2 3 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 30 31 33 34 35 36 37 38 39 41 42 43 45 46 48 49 50 52 53

98.11 96.23 94.34 90.57 88.68 86.79 83.02 81.13 79.25 77.36 75.47 73.58 71.70 69.81 67.92 66.04 64.15 62.26 60.38 58.49 56.60 54.72 52.83 50.94 49.06 47.17 43.40 41.51 37.74 35.85 33.96 32.08 30.19 28.30 26.42 22.64 20.75 18.87 15.09 13.21 9.43 7.55 5.66 1.89 0.00

Region

_________________________________________________________________________________________________________

Israel Denmark South Korea Russia Turkey Mexico Hong Kong Japan Italy New Zealand USA Canada France Germany Greece China Sweden Singapore the United Kingdom Norway Australia Switzerland Czech Republic Thailand Belgium Ireland Pakistan Finland Malaysia Poland Taiwan Hungary Philippines Brazil Chile Indonesia South Africa Netherlands Austria Portugal Peru India Luxembourg Spain Argentina

the Middle East Europe Asia Europe the Middle East Latin America Asia Asia Europe Oceana North America North America Europe Europe Europe Asia Europe Asia Europe Europe Oceana Europe Europe Asia Europe Europe the Middle East Europe Asia Europe Asia Europe Asia Latin America Latin America Asia Africa Europe Europe Europe Latin America Asia Europe Europe Latin America

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

107

Cash & Short Term Investments (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

192.95 161.16 153.81 153.46 150.64 150.29 138.77 127.35 126.90 123.77 119.39 105.27 104.43 91.33 84.43 75.89 67.28 62.64 58.06 57.29 51.20 38.37 37.67 32.95 28.43 26.53 25.22 23.94 23.93 23.05 20.60 18.96 17.48 16.18 15.71 15.12 15.09 14.55 13.83 13.62 12.88 11.95 11.84 11.54 11.54 9.84 9.41 8.51 8.14 6.85 6.44

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Denmark Estonia Belarus Slovakia Russia Lithuania Romania Bosnia & Herzegovina Faroe Islands Macedonia Serbia & Montenegro Vatican City Italy Andorra Iceland France Germany Greece Malta Isle of Man Sweden Monaco the United Kingdom Norway Switzerland Liechtenstein Czech Republic Latvia Croatia Belgium Ireland Finland Poland Hungary Moldova Kazakhstan Bulgaria Ukraine Gibraltar Georgia Netherlands Austria San Marino Guernsey Jersey Portugal Cyprus Luxembourg Albania Spain Slovenia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

108

Receivables (Net) Countries

Value ($K/employee)

Rank

Percentile

2971.78 335.59 192.56 192.03 181.46 173.99 161.26 135.14 121.77 116.46 101.46 90.98 81.45 81.30 73.52 69.32 68.79 67.26 63.57 61.75 56.67 53.72 53.20 50.78 50.30 50.13 49.51 49.40 44.27 43.21 42.07 41.17 32.64 32.59 31.63 28.53 26.29 23.62 19.04 17.38 12.71 12.69 9.92 9.44 9.00

1 2 3 4 5 7 8 9 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 34 35 37 38 39 40 41 42 44 45 46 47 49 50 51

98.11 96.23 94.34 92.45 90.57 86.79 84.91 83.02 79.25 77.36 75.47 73.58 71.70 69.81 67.92 66.04 64.15 62.26 60.38 58.49 56.60 54.72 52.83 50.94 49.06 47.17 45.28 43.40 41.51 39.62 35.85 33.96 30.19 28.30 26.42 24.53 22.64 20.75 16.98 15.09 13.21 11.32 7.55 5.66 3.77

Region

_________________________________________________________________________________________________________

Portugal Ireland Turkey Mexico Taiwan Denmark Greece South Korea Russia Italy Germany Finland Japan Pakistan Israel Argentina Hong Kong Spain Belgium France Hungary China the United Kingdom Australia Thailand USA Singapore Malaysia Switzerland Canada Austria Norway Poland Sweden Netherlands New Zealand Peru South Africa Luxembourg Czech Republic India Philippines Brazil Chile Indonesia

Europe Europe the Middle East Latin America Asia Europe Europe Asia Europe Europe Europe Europe Asia the Middle East the Middle East Latin America Asia Europe Europe Europe Europe Asia Europe Oceana Asia North America Asia Asia Europe North America Europe Europe Europe Europe Europe Oceana Latin America Africa Europe Europe Asia Asia Latin America Latin America Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

109

Receivables (Net) (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

2971.78 2844.66 335.59 182.95 173.99 167.90 163.17 161.26 157.40 149.46 147.50 130.28 124.34 124.05 121.77 121.49 117.40 116.46 101.46 90.98 67.26 65.97 63.57 63.15 61.75 56.67 53.20 50.96 50.65 48.45 48.01 47.70 44.27 42.07 41.67 41.31 41.17 40.62 40.62 32.64 32.59 31.63 29.54 29.35 28.24 28.19 22.95 19.04 17.38 16.50 16.49

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Portugal Cyprus Ireland Romania Denmark Bosnia & Herzegovina Macedonia Greece Serbia & Montenegro Malta Isle of Man Estonia Belarus Slovakia Russia Lithuania Vatican City Italy Germany Finland Spain Faroe Islands Belgium Slovenia France Hungary the United Kingdom Ukraine Iceland Gibraltar Monaco Georgia Switzerland Austria San Marino Liechtenstein Norway Jersey Guernsey Poland Sweden Netherlands Andorra Moldova Kazakhstan Bulgaria Albania Luxembourg Czech Republic Latvia Croatia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

110

Total Inventories Countries

Value ($K/employee)

Rank

Percentile

68.36 52.09 46.94 32.32 32.17 29.38 16.02 15.13 12.98 12.92 12.66 12.50 12.30 11.95 11.35 9.93 9.88 9.58 9.13 8.11 7.98 7.93 7.91 6.73 6.09 6.02 5.94 5.50 5.48 5.36 5.26 4.57 4.35 4.12 3.78 3.35 1.83 1.51 1.13 0.83 0.52 0.47

1 2 5 6 7 8 9 10 11 12 13 14 15 16 17 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 37 39 41 42 44 45 46 47 48 49

97.96 95.92 89.80 87.76 85.71 83.67 81.63 79.59 77.55 75.51 73.47 71.43 69.39 67.35 65.31 61.22 59.18 57.14 55.10 53.06 51.02 48.98 46.94 44.90 42.86 40.82 38.78 36.73 34.69 32.65 30.61 28.57 24.49 20.41 16.33 14.29 10.20 8.16 6.12 4.08 2.04 0.00

Region

_________________________________________________________________________________________________________

Peru South Korea Russia Greece China Taiwan Switzerland Japan Spain Brazil Philippines Hungary Chile Canada Germany Italy Singapore Norway France Belgium Hong Kong Sweden South Africa Portugal Austria USA Netherlands the United Kingdom Denmark Thailand Argentina Australia Indonesia Malaysia Poland Pakistan Finland Ireland Israel Czech Republic Luxembourg India

Latin America Asia Europe Europe Asia Asia Europe Asia Europe Latin America Asia Europe Latin America North America Europe Europe Asia Europe Europe Europe Asia Europe Africa Europe Europe North America Europe Europe Europe Asia Latin America Oceana Asia Asia Europe the Middle East Europe Europe the Middle East Europe Europe Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

111

Total Inventories (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

59.67 50.21 47.93 47.82 46.94 46.83 32.32 29.96 29.56 16.02 14.95 12.98 12.50 12.19 11.35 11.24 10.69 10.52 10.01 9.93 9.58 9.58 9.13 8.11 7.93 7.65 6.73 6.45 6.09 6.08 6.03 5.94 5.88 5.88 5.50 5.48 3.78 3.40 3.27 3.26 1.83 1.51 0.83 0.78 0.78 0.52

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

97.83 95.65 93.48 91.30 89.13 86.96 84.78 82.61 80.43 78.26 76.09 73.91 71.74 69.57 67.39 65.22 63.04 60.87 58.70 56.52 54.35 52.17 50.00 47.83 45.65 43.48 41.30 39.13 36.96 34.78 32.61 30.43 28.26 26.09 23.91 21.74 19.57 17.39 15.22 13.04 10.87 8.70 6.52 4.35 2.17 0.00

_________________________________________________________________________________________________________

Albania Estonia Belarus Slovakia Russia Lithuania Greece Malta Isle of Man Switzerland Liechtenstein Spain Hungary Slovenia Germany Ukraine Gibraltar Georgia Vatican City Italy Norway Monaco France Belgium Sweden Faroe Islands Portugal Cyprus Austria Iceland San Marino Netherlands Jersey Guernsey the United Kingdom Denmark Poland Moldova Kazakhstan Bulgaria Finland Ireland Czech Republic Latvia Croatia Luxembourg

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

112

Current Assets - Total Countries

Value ($K/employee)

Rank

Percentile

449.65 405.19 369.25 368.25 313.31 270.84 234.10 233.84 207.13 189.82 160.04 156.38 148.20 147.59 143.65 136.40 124.34 116.72 105.21 103.14 101.83 100.50 98.58 96.82 95.34 88.65 88.64 88.18 85.78 77.21 72.34 67.42 66.70 59.99 55.89 52.05 45.08 44.94 44.68 38.96 37.07 29.55 27.43 24.66

1 3 4 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 33 34 35 36 37 38 39 42 43 44 45 47 48 49 51

98.08 94.23 92.31 90.38 86.54 84.62 82.69 80.77 78.85 76.92 75.00 73.08 71.15 69.23 67.31 65.38 63.46 61.54 59.62 57.69 55.77 53.85 51.92 50.00 48.08 46.15 44.23 42.31 40.38 36.54 34.62 32.69 30.77 28.85 26.92 25.00 19.23 17.31 15.38 13.46 9.62 7.69 5.77 1.92

Region

_________________________________________________________________________________________________________

South Korea Russia Turkey Mexico Israel Taiwan Italy Greece Japan Hong Kong Denmark China USA France Canada Germany Switzerland New Zealand Peru Finland the United Kingdom Singapore Sweden Belgium Hungary Australia Spain Norway Malaysia Argentina Portugal Ireland Austria Thailand Poland Netherlands Philippines South Africa Czech Republic Brazil Chile Luxembourg Indonesia India

Asia Europe the Middle East Latin America the Middle East Asia Europe Europe Asia Asia Europe Asia North America Europe North America Europe Europe Oceana Latin America Europe Europe Asia Europe Europe Europe Oceana Europe Europe Asia Latin America Europe Europe Europe Asia Europe Europe Asia Africa Europe Latin America Latin America Europe Asia Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

113

Current Assets - Total (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

433.48 413.72 412.77 405.19 404.24 350.84 321.96 312.91 301.84 236.00 234.10 233.84 216.73 213.88 182.02 160.04 149.72 147.59 136.40 124.34 120.87 116.03 103.14 101.83 98.58 97.46 96.82 95.34 91.84 88.64 88.18 85.74 83.22 81.52 80.26 72.34 69.25 67.42 66.70 66.07 64.41 64.41 55.89 52.05 50.25 48.35 48.27 44.68 42.41 42.39 29.55

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Estonia Belarus Slovakia Russia Lithuania Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Vatican City Italy Greece Malta Isle of Man Faroe Islands Denmark Iceland France Germany Switzerland Andorra Liechtenstein Finland the United Kingdom Sweden Monaco Belgium Hungary Albania Spain Norway Ukraine Slovenia Gibraltar Georgia Portugal Cyprus Ireland Austria San Marino Jersey Guernsey Poland Netherlands Moldova Kazakhstan Bulgaria Czech Republic Latvia Croatia Luxembourg

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

114

Property Plant and Equipment - Net Countries

Value ($K/employee)

Rank

Percentile

1679.34 1280.12 1276.63 752.97 621.85 243.70 242.25 140.28 119.37 92.24 87.46 80.58 69.72 64.55 54.07 51.64 47.38 45.65 44.20 44.19 41.27 39.83 38.55 36.33 35.95 35.66 34.79 26.75 26.16 25.88 24.67 23.82 23.79 19.11 17.82 17.64 16.60 11.51 11.23 10.80 10.22 9.65 9.18 7.77 7.51

1 2 3 5 6 7 8 9 10 11 12 13 16 17 18 19 21 22 23 24 25 27 28 29 30 31 32 34 35 36 37 38 39 40 41 42 44 46 47 48 49 50 51 52 53

98.11 96.23 94.34 90.57 88.68 86.79 84.91 83.02 81.13 79.25 77.36 75.47 69.81 67.92 66.04 64.15 60.38 58.49 56.60 54.72 52.83 49.06 47.17 45.28 43.40 41.51 39.62 35.85 33.96 32.08 30.19 28.30 26.42 24.53 22.64 20.75 16.98 13.21 11.32 9.43 7.55 5.66 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Italy Turkey Mexico Greece Pakistan Hong Kong Japan France Taiwan Thailand Australia USA Peru Argentina the United Kingdom China Switzerland Germany South Korea Denmark Czech Republic Russia Finland Philippines Singapore New Zealand Ireland Norway Portugal Canada Israel Malaysia Hungary Luxembourg Belgium Indonesia Spain Sweden Poland Netherlands India Brazil Chile South Africa Austria

Europe the Middle East Latin America Europe the Middle East Asia Asia Europe Asia Asia Oceana North America Latin America Latin America Europe Asia Europe Europe Asia Europe Europe Europe Europe Asia Asia Oceana Europe Europe Europe North America the Middle East Asia Europe Europe Europe Asia Europe Europe Europe Europe Asia Latin America Latin America Africa Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

115

Property Plant and Equipment - Net (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

1692.92 1679.34 1216.29 1116.18 1084.79 1046.42 752.97 697.87 688.69 233.68 140.28 81.41 60.86 54.07 47.38 45.65 44.21 44.19 42.61 41.27 40.67 40.58 39.83 39.74 39.17 39.15 38.55 36.93 34.86 34.79 26.75 26.16 25.04 23.79 21.39 20.34 20.03 19.11 17.82 16.60 15.58 11.51 11.23 10.80 10.10 9.72 9.70 7.51 7.44 7.25 7.25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Vatican City Italy Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Greece Malta Isle of Man Faroe Islands France Iceland Albania the United Kingdom Switzerland Germany Liechtenstein Denmark Estonia Czech Republic Belarus Slovakia Russia Lithuania Latvia Croatia Finland Andorra Monaco Ireland Norway Portugal Cyprus Hungary Ukraine Gibraltar Georgia Luxembourg Belgium Spain Slovenia Sweden Poland Netherlands Moldova Kazakhstan Bulgaria Austria San Marino Jersey Guernsey

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

116

Accumulated Depreciation - Total Countries

Value ($K/employee)

Rank

Percentile

1191.48 1061.43 1058.54 599.21 411.73 158.32 66.34 57.93 46.38 43.16 41.83 41.73 37.79 34.17 33.56 30.24 29.47 25.38 24.26 22.86 21.72 20.41 20.14 20.01 18.36 17.30 16.95 16.46 14.44 14.24 14.19 12.03 11.80 10.55 9.45 8.99 8.87 7.18 5.84 4.47

1 2 3 5 6 7 8 9 10 11 12 13 15 17 18 21 22 23 25 26 27 28 29 30 32 33 34 35 36 38 39 40 41 42 43 44 45 46 47 48

97.92 95.83 93.75 89.58 87.50 85.42 83.33 81.25 79.17 77.08 75.00 72.92 68.75 64.58 62.50 56.25 54.17 52.08 47.92 45.83 43.75 41.67 39.58 37.50 33.33 31.25 29.17 27.08 25.00 20.83 18.75 16.67 14.58 12.50 10.42 8.33 6.25 4.17 2.08 0.00

Region

_________________________________________________________________________________________________________

Pakistan Turkey Mexico Greece Japan Hong Kong Switzerland France Thailand Czech Republic Peru Finland USA Italy South Korea Russia Philippines China the United Kingdom Germany Canada Singapore Belgium Indonesia Malaysia Spain Australia New Zealand Sweden Israel Netherlands Ireland Norway Denmark Brazil Chile Portugal Poland India South Africa

the Middle East the Middle East Latin America Europe Asia Asia Europe Europe Asia Europe Latin America Europe North America Europe Asia Europe Asia Asia Europe Europe North America Asia Europe Asia Asia Europe Oceana Oceana Europe the Middle East Europe Europe Europe Europe Latin America Latin America Europe Europe Asia Africa

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

117

Accumulated Depreciation - Total (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

1008.50 925.50 899.47 867.66 599.21 555.37 548.06 151.81 66.34 61.90 57.93 43.16 41.73 40.97 40.95 38.18 36.52 34.45 34.17 32.36 30.88 30.81 30.24 30.17 24.26 22.86 20.14 19.79 17.30 17.05 16.24 14.44 14.19 12.03 11.80 10.55 8.87 8.49 7.18 6.46 6.21 6.20

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42

97.62 95.24 92.86 90.48 88.10 85.71 83.33 80.95 78.57 76.19 73.81 71.43 69.05 66.67 64.29 61.90 59.52 57.14 54.76 52.38 50.00 47.62 45.24 42.86 40.48 38.10 35.71 33.33 30.95 28.57 26.19 23.81 21.43 19.05 16.67 14.29 11.90 9.52 7.14 4.76 2.38 0.00

_________________________________________________________________________________________________________

Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Greece Malta Isle of Man Faroe Islands Switzerland Liechtenstein France Czech Republic Finland Latvia Croatia Iceland Albania Vatican City Italy Estonia Belarus Slovakia Russia Lithuania the United Kingdom Germany Belgium Monaco Spain Andorra Slovenia Sweden Netherlands Ireland Norway Denmark Portugal Cyprus Poland Moldova Kazakhstan Bulgaria

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

118

Intangible Other Assets Countries

Value ($K/employee)

Rank

Percentile

76.43 64.44 54.03 47.98 43.66 42.26 38.82 38.08 37.01 32.99 29.70 28.25 27.55 26.65 25.44 25.44 23.03 22.87 21.09 19.03 18.81 15.02 14.31 14.17 11.69 11.19 11.01 8.08 7.44 7.32 5.63 5.48 5.43 4.93 3.80 0.90 0.88 0.76 0.76

1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41

97.73 95.45 93.18 90.91 88.64 86.36 84.09 79.55 77.27 75.00 72.73 70.45 68.18 65.91 63.64 61.36 59.09 56.82 52.27 50.00 47.73 45.45 43.18 40.91 38.64 36.36 34.09 31.82 29.55 27.27 25.00 22.73 20.45 18.18 15.91 13.64 11.36 9.09 6.82

Region

_________________________________________________________________________________________________________

Canada Israel Belgium USA the United Kingdom South Korea Australia Russia Italy Argentina Germany Ireland France Japan Spain Philippines Hong Kong Sweden Luxembourg China Norway Finland Austria Switzerland Portugal Netherlands Hungary Poland Denmark Singapore Greece New Zealand India Malaysia South Africa Thailand Czech Republic Turkey Mexico

North America the Middle East Europe North America Europe Asia Oceana Europe Europe Latin America Europe Europe Europe Asia Europe Asia Asia Europe Europe Asia Europe Europe Europe Europe Europe Europe Europe Europe Europe Asia Europe Oceana Asia Asia Africa Asia Europe the Middle East Latin America

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

119

Intangible Other Assets (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

54.03 48.47 43.66 40.74 38.89 38.80 38.08 37.99 37.31 37.01 29.70 28.25 27.55 25.44 23.88 22.87 22.09 21.09 18.81 15.02 14.31 14.17 14.17 13.82 13.82 13.23 11.69 11.19 11.19 11.01 9.90 9.41 9.27 8.08 7.44 7.26 7.10 6.99 6.97 5.67 5.63 5.22 5.15 0.88 0.84 0.84 0.72 0.66 0.64 0.62

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

98.00 96.00 94.00 92.00 90.00 88.00 86.00 84.00 82.00 80.00 78.00 76.00 74.00 72.00 70.00 68.00 66.00 64.00 62.00 60.00 58.00 56.00 54.00 52.00 50.00 48.00 46.00 44.00 42.00 40.00 38.00 36.00 34.00 32.00 30.00 28.00 26.00 24.00 22.00 20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00

_________________________________________________________________________________________________________

Belgium Iceland the United Kingdom Estonia Belarus Slovakia Russia Lithuania Vatican City Italy Germany Ireland France Spain Slovenia Sweden Faroe Islands Luxembourg Norway Finland Austria Switzerland San Marino Guernsey Jersey Liechtenstein Portugal Netherlands Cyprus Hungary Ukraine Gibraltar Georgia Poland Denmark Moldova Monaco Kazakhstan Bulgaria Andorra Greece Malta Isle of Man Czech Republic Latvia Croatia Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.7 3.7.1

120

PRODUCTIVITY IN GREECE: LIABILITY-LABOR RATIOS Overview

In this chapter we consider the liability-labor ratios of companies operating in Greece benchmarked against global averages for computer programming, data processing and computer related services. For ratios where there are large deviations between Greece and the benchmarks, graphics are provided (sometimes referred to as a “gap” analysis). Then the distribution of productivity ratios is presented in the form of ranks and percentiles. Certain key liabilitylabor ratios are highlighted for computer programming, data processing and computer related services across countries in the comparison group. Definitions of liability statement terms are given in Chapter 3. In the case of liability-labor ratios, this report maintains comparability over time and across countries by using a common currency (the US dollar) and relates each measure to a “per employee basis”. Ratios are projected using raw financial statistics and, as ratios, are therefore comparable. Given a country’s human resource ratios, the resulting figures are benchmarked across regional and global averages. I then report the larger liability-labor ratio gaps for computer programming, data processing and computer related services that Greece has vis-à-vis the worldwide average. Again, a gap need not be a bad sign. Rather, it is simply a substantial difference that might merit further attention or signal a firm’s relative incentive to invest locally. All figures are projections, so due caution is required.

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.7.2

121

Liability to Labor: Outlook

The following tables and graphs are prepared using the methodology described at the beginning of this section. All units are in thousands of US dollars per employee. All figures are current-year projections for computer programming, data processing and computer related services in Greece based on latest financial results available. Labor-liability Ratios ($k/employee) Greece Europe World Avg. _________________________________________________________________________________________________________

Accounts Payable Short Term Debt & Current Portion of Long Term Debt Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Provision For Risks and Charges Deferred Income Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Common Equity Common Stock Capital Surplus Revaluation Reserves Other Appropriated Reserves Unappropriated Reserves Retained Earnings Unrealized Foreign Exchange Gain/Loss Total Liabilities & Shareholders Equity

26.12 287.30 16.57 10.77 75.91 147.37 48.57 48.57 6.54 15.62 42.32 461.41 0.49 7.03 565.29 342.72 341.25 0.96 13.57 2.37 9.56 -0.08 1034.18

28.34 160.76 5.29 3.15 48.20 86.35 165.53 163.53 8.98 3.12 40.18 433.23 0.09 5.47 183.94 62.94 94.91 5.89 20.77 11.98 33.84 -0.56 616.54

15.22 61.14 2.24 2.04 27.40 64.32 53.27 52.46 2.99 1.19 19.63 175.73 1.89 9.66 116.84 50.88 49.00 0.80 8.23 8.63 16.79 -0.07 302.73

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.7.3

122

Liability and Equity to Labor: International Gaps

The following graphics summarize for computer programming, data processing and computer related services the large labor-liability gaps between firms operating in Greece and the world average. A gap cannot necessarily be interpreted as a positive or negative reflection on performance. Gaps may signal areas of specialization, market focus, or expertise. More contextual information is required to fully interpret these gaps. The gaps highlighted here are simply those that are large.

Gap: Short Term Debt & Current Portion of Long Term Debt ($k/employee) 300

287.3 226.16

250 200

160.76

150 100

61.14

50 0 Greece

Europe

World Average

Gap

Gap: Income Taxes Payable ($k/employee) 20

16.57

14.33

15 10 5.29 5

2.24

0 Greece

Europe

World Average

Gap

Gap: Other Current Liabilities ($k/employee) 80

75.91

60

48.51

48.2

40

27.4

20 0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

123

Gap: Current Liabilities - Total ($k/employee) 150

147.37

86.35

100

83.05 64.32

50 0 Greece

Europe

World Average

Gap

Gap: Deferred Income ($k/employee) 20

15.62

14.43

15 10 3.12

5

1.19

0 Greece

Europe

World Average

Gap

Gap: Other Liabilities ($k/employee) 50

42.32

40

40.18

30

22.69

19.63

20 10 0 Greece

Europe

World Average

Gap

Gap: Total Liabilities ($k/employee) 500

461.41

433.23

400 285.68

300 175.73

200 100 0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

124

Gap: Common Equity ($k/employee) 600

565.29 448.45

500 400 300

183.94

200

116.84

100 0 Greece

Europe

World Average

Gap

Gap: Common Stock ($k/employee) 400

342.72 291.84

300 200 62.94

100

50.88

0 Greece

Europe

World Average

Gap

Gap: Capital Surplus ($k/employee) 400

341.25 292.25

300 200 94.91

100

49

0 Greece

Europe

World Average

Gap

Gap: Total Liabilities & Shareholders Equity ($k/employee) 1200

1034.18

1000 800

731.45

616.54

600 302.73

400 200 0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

3.7.4

125

Key Percentiles and Rankings

We now consider the distribution of liability-labor ratios using ranks and percentiles across . What percent of countries have a value lower or higher than Greece (what is the indicator's rank or percentile)? The table below answers this question with respect to liability-labor ratios. The ranks and percentiles indicate, from highest to lowest, where a value falls within the distribution of all countries considered in the global benchmark (the number of countries in the benchmark per line item may vary, as indicated in the Rank). Again, a high or low figure does not necessarily indicate good or bad performance or productivity. After the summary table below, a few key liabilitylabor ratios are highlighted in additional tables. Liability Structure ($k/employee)

Greece

Rank of Total

Percentile

Accounts Payable Short Term Debt & Current Portion of Long Term Debt Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Provision For Risks and Charges Deferred Income Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Common Equity Common Stock Capital Surplus Revaluation Reserves Other Appropriated Reserves Unappropriated Reserves Retained Earnings Unrealized Foreign Exchange Gain/Loss Total Liabilities & Shareholders Equity

26.12 287.30 16.57 10.77 75.91 147.37 48.57 48.57 6.54 15.62 42.32 461.41 0.49 7.03 565.29 342.72 341.25 0.96 13.57 2.37 9.56 -0.08 1034.18

12 of 47 6 of 52 2 of 41 1 of 23 7 of 52 8 of 52 13 of 52 13 of 52 11 of 33 4 of 21 9 of 48 9 of 53 3 of 18 7 of 45 1 of 53 1 of 50 1 of 44 12 of 27 18 of 50 22 of 33 36 of 51 13 of 29 7 of 53

74.47 88.46 95.12 95.65 86.54 84.62 75.00 75.00 66.67 80.95 81.25 83.02 83.33 84.44 98.11 98.00 97.73 55.56 64.00 33.33 29.41 55.17 86.79

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

126

Accounts Payable Countries

Value ($K/employee)

Rank

Percentile

79.99 72.08 54.50 48.59 48.46 39.34 30.41 29.76 29.51 26.12 23.91 23.78 22.69 22.08 22.02 20.84 20.83 20.29 19.36 17.97 17.83 17.38 16.89 15.67 14.51 13.53 13.27 12.97 9.57 9.44 9.42 7.83 7.03 6.99 6.76 4.55 3.22 3.07 2.79 1.42

1 3 4 5 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 26 27 28 29 30 31 34 35 36 37 38 39 40 41 42 43 44 45

97.87 93.62 91.49 89.36 87.23 82.98 80.85 78.72 76.60 74.47 72.34 70.21 68.09 65.96 63.83 61.70 59.57 57.45 55.32 53.19 51.06 48.94 44.68 42.55 40.43 38.30 36.17 34.04 27.66 25.53 23.40 21.28 19.15 17.02 14.89 12.77 10.64 8.51 6.38 4.26

Region

_________________________________________________________________________________________________________

South Korea Russia Italy Turkey Mexico Japan Argentina Switzerland Hungary Greece Singapore Belgium Canada Malaysia South Africa France Spain Philippines the United Kingdom Australia Portugal China Poland Hong Kong Germany Luxembourg Thailand USA Denmark New Zealand Ireland Israel Norway Netherlands Sweden Finland Brazil Chile India Indonesia

Asia Europe Europe the Middle East Latin America Asia Latin America Europe Europe Europe Asia Europe North America Asia Africa Europe Europe Asia Europe Oceana Europe Asia Europe Asia Europe Europe Asia North America Europe Oceana Europe the Middle East Europe Europe Europe Europe Latin America Latin America Asia Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

127

Accounts Payable (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

77.11 73.60 73.43 72.08 71.91 54.95 54.50 46.17 42.37 41.18 39.72 29.76 29.51 27.77 26.54 26.12 25.23 24.84 24.20 23.89 23.78 23.18 20.84 20.83 19.55 19.36 17.83 17.06 16.89 15.18 15.02 14.61 14.58 14.51 13.53 13.10 9.77 9.57 9.42 7.03 6.99 6.76 4.55

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

97.67 95.35 93.02 90.70 88.37 86.05 83.72 81.40 79.07 76.74 74.42 72.09 69.77 67.44 65.12 62.79 60.47 58.14 55.81 53.49 51.16 48.84 46.51 44.19 41.86 39.53 37.21 34.88 32.56 30.23 27.91 25.58 23.26 20.93 18.60 16.28 13.95 11.63 9.30 6.98 4.65 2.33 0.00

_________________________________________________________________________________________________________

Estonia Belarus Slovakia Russia Lithuania Vatican City Italy Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Switzerland Hungary Liechtenstein Ukraine Greece Gibraltar Georgia Malta Isle of Man Belgium Monaco France Spain Slovenia the United Kingdom Portugal Cyprus Poland Moldova Faroe Islands Kazakhstan Bulgaria Germany Luxembourg Iceland Andorra Denmark Ireland Norway Netherlands Sweden Finland

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

128

Current Liabilities - Total Countries

Value ($K/employee)

Rank

Percentile

256.43 253.01 252.32 231.07 210.91 147.37 110.01 97.29 89.81 80.58 80.51 80.36 72.71 70.33 68.35 67.81 67.78 63.86 61.07 59.36 52.32 51.76 50.07 47.69 47.16 47.08 45.62 43.91 43.56 42.94 36.77 34.19 34.19 30.73 29.80 27.71 27.60 27.32 26.80 26.36 23.86 11.25 9.07 8.27

1 2 3 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 23 24 25 26 27 28 29 30 31 32 33 34 35 36 38 39 41 42 43 44 45 46 48 49 50

98.08 96.15 94.23 88.46 86.54 84.62 82.69 80.77 78.85 76.92 75.00 73.08 71.15 69.23 67.31 65.38 63.46 61.54 59.62 55.77 53.85 51.92 50.00 48.08 46.15 44.23 42.31 40.38 38.46 36.54 34.62 32.69 30.77 26.92 25.00 21.15 19.23 17.31 15.38 13.46 11.54 7.69 5.77 3.85

Region

_________________________________________________________________________________________________________

South Korea Turkey Mexico Russia Taiwan Greece China Italy Japan France Israel Peru Spain Belgium Argentina the United Kingdom Hong Kong Finland USA Switzerland Portugal Austria Hungary Australia Sweden Canada Singapore Malaysia Germany Norway Thailand Denmark Poland South Africa Ireland Brazil Netherlands Philippines Czech Republic Chile Luxembourg New Zealand India Indonesia

Asia the Middle East Latin America Europe Asia Europe Asia Europe Asia Europe the Middle East Latin America Europe Europe Latin America Europe Asia Europe North America Europe Europe Europe Europe Oceana Europe North America Asia Asia Europe Europe Asia Europe Europe Africa Europe Latin America Europe Asia Europe Latin America Europe Oceana Asia Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

129

Current Liabilities - Total (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

247.20 240.39 235.93 235.39 231.07 230.53 220.61 214.40 206.82 147.37 136.59 134.79 98.08 97.29 80.58 72.71 70.33 70.14 68.26 67.81 65.00 63.86 61.70 59.36 55.40 52.32 51.76 51.27 50.09 50.07 49.98 49.98 47.16 45.02 44.24 43.56 42.94 42.81 42.15 34.19 34.19 30.74 29.80 29.58 29.52 27.60 26.80 25.44 25.43 23.86 11.65

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Estonia Romania Belarus Slovakia Russia Lithuania Bosnia & Herzegovina Macedonia Serbia & Montenegro Greece Malta Isle of Man Vatican City Italy France Spain Belgium Albania Slovenia the United Kingdom Faroe Islands Finland Iceland Switzerland Liechtenstein Portugal Austria San Marino Cyprus Hungary Guernsey Jersey Sweden Ukraine Monaco Germany Norway Gibraltar Georgia Denmark Poland Moldova Ireland Kazakhstan Bulgaria Netherlands Czech Republic Latvia Croatia Luxembourg Andorra

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

130

Long Term Debt Countries

Value ($K/employee)

Rank

Percentile

1555.05 849.06 668.91 643.27 641.52 269.94 224.71 118.04 61.14 59.93 54.83 48.57 37.82 35.41 30.65 25.04 19.48 17.73 17.61 17.55 16.01 15.81 15.16 14.48 13.78 11.20 10.85 10.83 8.94 8.18 8.04 7.48 6.32 5.77 5.58 5.54 5.49 4.39 3.81 3.58 3.38 2.30 0.88 0.38

1 2 3 4 5 7 8 9 10 11 12 13 15 16 17 18 19 21 22 23 24 25 26 27 28 31 32 33 35 36 37 38 39 40 41 42 43 45 47 48 49 50 51 52

98.08 96.15 94.23 92.31 90.38 86.54 84.62 82.69 80.77 78.85 76.92 75.00 71.15 69.23 67.31 65.38 63.46 59.62 57.69 55.77 53.85 51.92 50.00 48.08 46.15 40.38 38.46 36.54 32.69 30.77 28.85 26.92 25.00 23.08 21.15 19.23 17.31 13.46 9.62 7.69 5.77 3.85 1.92 0.00

Region

_________________________________________________________________________________________________________

Portugal Denmark Italy Turkey Mexico Ireland Pakistan Japan USA France Peru Greece Australia the United Kingdom Germany Argentina South Korea New Zealand Norway Russia Thailand Poland Taiwan Spain Belgium Finland Switzerland Philippines Austria Canada China Luxembourg Netherlands Brazil South Africa Indonesia Chile Israel Sweden Hong Kong Singapore Malaysia Hungary India

Europe Europe Europe the Middle East Latin America Europe the Middle East Asia North America Europe Latin America Europe Oceana Europe Europe Latin America Asia Oceana Europe Europe Asia Europe Asia Europe Europe Europe Europe Asia Europe North America Asia Europe Europe Latin America Africa Asia Latin America the Middle East Europe Asia Asia Asia Europe Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

131

Long Term Debt (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

1555.05 1488.53 849.06 674.32 668.91 611.20 560.89 545.12 525.84 269.94 61.77 59.93 48.57 47.86 45.02 44.42 35.41 30.65 18.78 18.36 17.92 17.88 17.61 17.55 17.51 15.81 14.48 14.21 13.78 13.68 13.65 13.59 11.20 10.85 10.12 8.94 8.86 8.64 8.64 7.48 6.32 3.81 3.44 3.28 0.88 0.79 0.75 0.74

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

97.92 95.83 93.75 91.67 89.58 87.50 85.42 83.33 81.25 79.17 77.08 75.00 72.92 70.83 68.75 66.67 64.58 62.50 60.42 58.33 56.25 54.17 52.08 50.00 47.92 45.83 43.75 41.67 39.58 37.50 35.42 33.33 31.25 29.17 27.08 25.00 22.92 20.83 18.75 16.67 14.58 12.50 10.42 8.33 6.25 4.17 2.08 0.00

_________________________________________________________________________________________________________

Portugal Cyprus Denmark Vatican City Italy Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Ireland Iceland France Greece Albania Malta Isle of Man the United Kingdom Germany Estonia Andorra Belarus Slovakia Norway Russia Lithuania Poland Spain Moldova Belgium Kazakhstan Bulgaria Slovenia Finland Switzerland Liechtenstein Austria San Marino Jersey Guernsey Luxembourg Netherlands Sweden Faroe Islands Monaco Hungary Ukraine Gibraltar Georgia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

132

Total Liabilities Countries

Value ($K/employee)

Rank

Percentile

3388.16 2074.26 1427.76 1423.87 1074.20 659.02 471.27 461.41 342.82 283.29 255.28 233.01 207.99 144.42 135.91 122.90 120.03 118.49 118.03 109.29 95.51 93.87 93.10 87.79 87.32 76.82 76.23 61.37 60.28 58.33 56.40 54.11 50.95 48.48 48.46 39.21 36.74 36.67 36.14 35.46 33.98 33.74 30.88 14.41 9.44

1 2 3 4 6 7 8 9 10 11 13 14 15 16 17 18 19 20 21 22 25 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 49 50 53

98.11 96.23 94.34 92.45 88.68 86.79 84.91 83.02 81.13 79.25 75.47 73.58 71.70 69.81 67.92 66.04 64.15 62.26 60.38 58.49 52.83 49.06 47.17 45.28 43.40 41.51 39.62 37.74 35.85 33.96 32.08 30.19 28.30 26.42 24.53 22.64 20.75 18.87 16.98 15.09 13.21 11.32 7.55 5.66 0.00

Region

_________________________________________________________________________________________________________

Portugal Italy Turkey Mexico Denmark Pakistan Japan Greece Ireland South Korea Russia Taiwan France USA Peru Thailand the United Kingdom China Germany Hong Kong Spain Argentina Belgium Australia Israel Finland Switzerland Norway Austria Canada Sweden Singapore Hungary Poland Malaysia Philippines Luxembourg Netherlands South Africa Brazil Czech Republic Chile New Zealand Indonesia India

Europe Europe the Middle East Latin America Europe the Middle East Asia Europe Europe Asia Europe Asia Europe North America Latin America Asia Europe Asia Europe Asia Europe Latin America Europe Oceana the Middle East Europe Europe Europe Europe North America Europe Asia Europe Europe Asia Asia Europe Europe Africa Latin America Europe Latin America Oceana Asia Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

133

Total Liabilities (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

3388.16 3243.22 2091.04 2074.26 1356.56 1244.91 1209.90 1167.10 1074.20 461.41 427.65 422.02 342.82 273.10 260.65 260.06 255.28 254.69 207.99 145.91 120.03 118.64 118.03 104.80 95.51 93.10 89.66 76.82 76.23 71.13 61.37 60.28 59.71 58.22 58.22 56.40 52.48 50.95 48.48 45.81 43.59 43.56 42.89 41.95 41.87 36.74 36.67 33.98 32.25 32.24 31.98

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Portugal Cyprus Vatican City Italy Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Denmark Greece Malta Isle of Man Ireland Estonia Belarus Slovakia Russia Lithuania France Iceland the United Kingdom Albania Germany Faroe Islands Spain Belgium Slovenia Finland Switzerland Liechtenstein Norway Austria San Marino Jersey Guernsey Sweden Monaco Hungary Poland Ukraine Moldova Gibraltar Georgia Kazakhstan Bulgaria Luxembourg Netherlands Czech Republic Latvia Croatia Andorra

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

134

Common Equity Countries

Value ($K/employee)

Rank

Percentile

565.29 509.32 460.40 459.14 446.53 405.87 367.83 331.46 275.05 271.02 231.33 206.12 191.46 191.23 169.36 161.58 148.89 148.15 145.56 124.17 116.27 112.97 95.62 95.16 87.45 82.94 82.76 82.24 80.45 77.78 70.09 69.00 66.63 61.33 58.13 46.57 38.56 38.10 37.13 37.12 34.14 28.96 22.37 17.50 16.65

1 2 3 4 5 7 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 34 35 37 38 40 41 43 44 45 46 48 49 51 52 53

98.11 96.23 94.34 92.45 90.57 86.79 84.91 81.13 79.25 77.36 75.47 73.58 71.70 69.81 67.92 66.04 64.15 62.26 60.38 58.49 56.60 54.72 52.83 50.94 49.06 47.17 45.28 43.40 41.51 39.62 35.85 33.96 30.19 28.30 24.53 22.64 18.87 16.98 15.09 13.21 9.43 7.55 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Greece Portugal Turkey Mexico Israel Hong Kong South Korea Russia Denmark Pakistan Italy Taiwan Canada Japan USA Australia New Zealand Germany China France Ireland Switzerland the United Kingdom Singapore Thailand Malaysia Belgium Finland Sweden Hungary Philippines Norway Argentina Peru Czech Republic Spain Netherlands Poland India Indonesia Luxembourg Austria South Africa Brazil Chile

Europe Europe the Middle East Latin America the Middle East Asia Asia Europe Europe the Middle East Europe Asia North America Asia North America Oceana Oceana Europe Asia Europe Europe Europe Europe Asia Asia Asia Europe Europe Europe Europe Asia Europe Latin America Latin America Europe Europe Europe Europe Asia Asia Europe Europe Africa Latin America Latin America

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

135

Common Equity (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

565.29 523.93 517.03 509.32 487.54 437.44 401.44 390.15 389.19 376.35 354.60 338.43 337.66 331.46 330.68 275.05 233.20 231.33 171.09 154.19 148.15 124.17 116.27 112.97 105.42 95.62 92.28 82.76 82.24 80.45 77.78 69.94 69.00 66.50 65.48 58.13 55.17 55.15 53.53 46.57 43.72 38.56 38.10 34.26 34.14 32.97 32.91 28.96 28.68 27.96 27.96

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Greece Malta Isle of Man Portugal Cyprus Romania Bosnia & Herzegovina Macedonia Faroe Islands Serbia & Montenegro Estonia Belarus Slovakia Russia Lithuania Denmark Vatican City Italy Iceland Andorra Germany France Ireland Switzerland Liechtenstein the United Kingdom Monaco Belgium Finland Sweden Hungary Ukraine Norway Gibraltar Georgia Czech Republic Latvia Croatia Albania Spain Slovenia Netherlands Poland Moldova Luxembourg Kazakhstan Bulgaria Austria San Marino Jersey Guernsey

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

136

Retained Earnings Countries

Value ($K/employee)

Rank

Percentile

290.98 240.17 122.69 122.35 75.52 68.22 62.95 57.10 51.44 45.59 43.69 36.55 35.38 31.48 30.05 28.12 27.08 27.03 26.98 26.90 26.49 25.96 22.81 18.97 17.67 15.64 15.12 13.04 11.71 11.24 10.63 10.22 9.99 9.56 8.76 7.60 6.59 6.36 6.30 2.54 1.35 0.54 0.01

1 2 3 4 6 7 8 9 10 11 12 13 14 15 16 17 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 38 40 42 43 44 47 48 49 51

98.04 96.08 94.12 92.16 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 25.49 21.57 17.65 15.69 13.73 7.84 5.88 3.92 0.00

Region

_________________________________________________________________________________________________________

Hong Kong Israel Turkey Mexico Portugal Japan USA Denmark France Canada Switzerland Taiwan Finland New Zealand South Korea the United Kingdom Russia Norway Italy Germany Singapore Ireland Belgium Netherlands Australia Malaysia Spain South Africa Sweden Czech Republic Thailand Argentina Poland Greece Philippines India Austria Indonesia Luxembourg Hungary China Peru Pakistan

Asia the Middle East the Middle East Latin America Europe Asia North America Europe Europe North America Europe Asia Europe Oceana Asia Europe Europe Europe Europe Europe Asia Europe Europe Europe Oceana Asia Europe Africa Europe Europe Asia Latin America Europe Europe Asia Asia Europe Asia Europe Europe Asia Latin America the Middle East

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

137

Retained Earnings (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

279.02 116.57 106.98 103.97 100.29 75.52 72.29 63.60 57.10 51.44 43.69 40.77 35.38 32.60 28.97 28.12 27.65 27.58 27.20 27.08 27.03 27.01 26.98 26.90 25.96 25.69 22.81 18.97 15.12 14.20 11.71 11.24 10.67 10.66 9.99 9.56 8.98 8.86 8.74 8.65 8.63 6.59 6.53 6.36 6.36 6.30 2.54 2.29 2.17 2.14 0.47

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Faroe Islands Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Portugal Cyprus Iceland Denmark France Switzerland Liechtenstein Finland Andorra Estonia the United Kingdom Belarus Slovakia Vatican City Russia Norway Lithuania Italy Germany Ireland Monaco Belgium Netherlands Spain Slovenia Sweden Czech Republic Latvia Croatia Poland Greece Moldova Malta Isle of Man Kazakhstan Bulgaria Austria San Marino Guernsey Jersey Luxembourg Hungary Ukraine Gibraltar Georgia Albania

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.8 3.8.1

138

PRODUCTIVITY IN GREECE: INCOME-LABOR RATIOS Overview

In this chapter we consider the income-labor ratios for computer programming, data processing and computer related services in Greece benchmarked against global averages. For ratios where there are large deviations between the average firm operating in Greece and the benchmarks, graphics are provided (sometimes referred to as a “gap” analysis). Then the distribution of ratios is presented in the form of ranks and percentiles. Certain key income-labor ratios are highlighted across countries in the comparison group. In the case of income-labor ratios, this report maintains comparability over time and across countries by using a common currency (the US dollar) and relates each measure to a “per employee basis”. Ratios are projected using raw financial statistics and, as ratios, are therefore comparable. Given a country’s human resource ratios, the resulting figures are benchmarked across regional and global averages. We then report the larger income-labor ratio gaps for computer programming, data processing and computer related services that Greece has vis-à-vis the worldwide average. Again, a gap need not be a bad sign. Rather, it is simply a substantial difference that might merit further attention or signal a firm’s relative incentive to invest locally. All figures are projections, so due caution is required.

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©2007 Icon Group International, Inc.

Financial Indicators

3.8.2

139

Income to Labor: Outlook

The following tables and graphs are prepared using the methodology described at the beginning of this section. All units are in thousands of US dollars per employee. All figures are current-year projections for computer programming, data processing and computer related services in Greece based on latest financial results available. Labor-income Ratios ($k/employee) Greece Europe World Avg. _________________________________________________________________________________________________________

Net Sales or Revenues Cost of Goods Sold (Excluding Depreciation) Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Other Income/Expense Net Earnings Before Interest and Taxes (EBIT) Interest Expense on Debt Pretax Income Income Taxes Minority Interest Net Income Before Extra Items/Prefer Dividends Net Income Before Preferred Dividends Net Income Available to Common

400.42 93.20 182.01 113.72 26.71 373.65 -0.16 63.89 9.61 24.95 4.12 3.76 69.13 13.63 55.50 37.02 1.95 22.38 22.38 22.38

286.70 123.57 74.39 90.16 54.94 250.12 9.31 29.31 2.97 4.18 3.39 4.05 56.08 25.30 31.12 10.41 0.34 20.12 20.14 20.12

166.86 73.37 37.39 57.43 27.51 146.51 3.30 20.94 0.82 0.94 1.96 1.93 32.89 12.09 21.05 5.46 1.07 14.59 14.51 14.58

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

3.8.3

140

Income to Labor: Gaps

The following graphics summarize for computer programming, data processing and computer related services the large labor-income gaps between firms operating in Greece and the world average. A gap cannot necessarily be interpreted as a positive or negative reflection on performance. Gaps may signal areas of specialization, market focus, or expertise. More contextual information is required to fully interpret these gaps. The gaps highlighted here are simply those that are large.

Gap: Net Sales or Revenues ($k/employee) 500 400

400.42 286.7

300

233.56 166.86

200 100 0 Greece

Europe

World Average

Gap

Gap: Cost of Goods Sold (Excluding Depreciation) ($k/employee) 150

123.57 93.2

100

73.37

50

19.83

0 Greece

Europe

World Average

Gap

Gap: Depreciation, Depletion & Amortization ($k/employee) 200

182.01 144.62

150 100

74.39 37.39

50 0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

141

Gap: Gross Income ($k/employee) 120

113.72 90.16

100 80

57.43

60

56.29

40 20 0 Greece

Europe

World Average

Gap

Gap: Other Operating Expenses ($k/employee) 400

373.65

300

250.12

200

227.14 146.51

100 0 Greece

Europe

World Average

Gap

Gap: Operating Income ($k/employee) 80

63.89

60

42.95

40

29.31

20.94

20 0 Greece

Europe

World Average

Gap

Gap: Extraordinary Credit - Pretax ($k/employee) 10

9.61

8.79

8 6 4

2.97

2

0.82

0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

142

Gap: Extraordinary Charge - Pretax ($k/employee) 25

24.95

24.01

20 15 10 4.18

5

0.94

0 Greece

Europe

World Average

Gap

Gap: Earnings Before Interest and Taxes (EBIT) ($k/employee) 80

69.13 56.08

60

36.24

32.89

40 20 0 Greece

Europe

World Average

Gap

Gap: Pretax Income ($k/employee) 60

55.5

50 40

34.45

31.12

30

21.05

20 10 0 Greece

Europe

World Average

Gap

Gap: Income Taxes ($k/employee) 40

37.02 31.56

30 20 10.41 5.46

10 0 Greece

www.icongrouponline.com

Europe

World Average

Gap

©2007 Icon Group International, Inc.

Financial Indicators

3.8.4

143

Key Percentiles and Rankings

We now consider the distribution of income-labor ratios using ranks and percentiles across . What percent of countries have a value lower or higher than Greece (what is the ratio's rank or percentile)? The table below answers this question with respect to income-labor ratios. The ranks and percentiles indicate, from highest to lowest, where a value falls within the distribution of all countries considered in the global benchmark (the number of countries in the benchmark per line item may vary, as indicated in the Rank). Again, a high or low figure does not necessarily indicate good or bad performance or productivity. After the summary table below, a few key income-labor ratios are highlighted in additional tables. Income Structure ($k/employee)

Greece

Rank of Total

Percentile

Net Sales or Revenues Cost of Goods Sold (Excluding Depreciation) Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Other Income/Expense Net Earnings Before Interest and Taxes (EBIT) Interest Expense on Debt Pretax Income Income Taxes Minority Interest Net Income Before Extra Items/Prefer Dividends Net Income Before Preferred Dividends Net Income Available to Common

400.42 93.20 182.01 113.72 26.71 373.65 -0.16 63.89 9.61 24.95 4.12 3.76 69.13 13.63 55.50 37.02 1.95 22.38 22.38 22.38

9 of 53 23 of 48 7 of 53 10 of 51 22 of 44 9 of 50 41 of 43 6 of 53 5 of 29 1 of 32 15 of 48 17 of 53 12 of 53 9 of 53 8 of 53 4 of 53 2 of 42 11 of 53 11 of 53 11 of 53

83.02 52.08 86.79 80.39 50.00 82.00 4.65 88.68 82.76 96.88 68.75 67.92 77.36 83.02 84.91 92.45 95.24 79.25 79.25 79.25

_________________________________________________________________________________________________________

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

144

Cost of Goods Sold (Excluding Depreciation) Countries

Value ($K/employee)

Rank

Percentile

333.99 300.97 277.10 226.57 218.63 207.39 191.60 175.10 170.92 162.56 131.29 123.34 122.60 120.25 115.22 112.21 110.62 105.23 101.62 96.96 95.65 93.20 89.75 89.66 89.37 86.64 83.56 81.12 64.46 54.96 52.30 51.68 50.06 42.32 39.30 33.76 31.36 29.23 24.90 20.58 18.51

1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 43 45 46

97.92 93.75 91.67 89.58 87.50 85.42 83.33 81.25 79.17 77.08 75.00 72.92 70.83 68.75 66.67 64.58 62.50 60.42 58.33 56.25 54.17 52.08 47.92 45.83 43.75 41.67 39.58 37.50 35.42 33.33 31.25 29.17 27.08 25.00 22.92 20.83 18.75 16.67 10.42 6.25 4.17

Region

_________________________________________________________________________________________________________

South Korea Russia Switzerland Japan Ireland France Belgium Denmark Hungary Germany the United Kingdom Peru Luxembourg USA Canada Sweden Australia South Africa Hong Kong Italy Argentina Greece Norway Netherlands Singapore Spain Portugal China Finland Brazil Chile Poland Malaysia Czech Republic New Zealand Thailand India Pakistan Philippines Israel Indonesia

Asia Europe Europe Asia Europe Europe Europe Europe Europe Europe Europe Latin America Europe North America North America Europe Oceana Africa Asia Europe Latin America Europe Europe Europe Asia Europe Europe Asia Europe Latin America Latin America Europe Asia Europe Oceana Asia Asia the Middle East Asia the Middle East Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

145

Cost of Goods Sold (Excluding Depreciation) (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

321.98 307.30 306.60 300.97 300.26 277.10 258.57 218.63 207.39 191.60 175.10 170.92 162.56 153.70 146.14 143.88 131.29 122.60 121.49 112.21 107.67 97.75 97.44 96.96 93.20 89.75 89.66 86.66 86.64 86.38 85.25 83.56 81.34 79.99 64.46 51.68 46.47 44.72 44.64 42.32 40.70 40.16 40.15

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

97.67 95.35 93.02 90.70 88.37 86.05 83.72 81.40 79.07 76.74 74.42 72.09 69.77 67.44 65.12 62.79 60.47 58.14 55.81 53.49 51.16 48.84 46.51 44.19 41.86 39.53 37.21 34.88 32.56 30.23 27.91 25.58 23.26 20.93 18.60 16.28 13.95 11.63 9.30 6.98 4.65 2.33 0.00

_________________________________________________________________________________________________________

Estonia Belarus Slovakia Russia Lithuania Switzerland Liechtenstein Ireland France Belgium Denmark Hungary Germany Ukraine Gibraltar Georgia the United Kingdom Luxembourg Iceland Sweden Albania Vatican City Faroe Islands Italy Greece Norway Netherlands Monaco Spain Malta Isle of Man Portugal Slovenia Cyprus Finland Poland Moldova Kazakhstan Bulgaria Czech Republic Andorra Latvia Croatia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

146

Selling, General & Administrative Expenses Countries

Value ($K/employee)

Rank

Percentile

132.01 131.65 118.50 105.94 99.59 98.95 80.81 79.79 68.68 67.64 60.64 56.49 55.54 50.91 44.11 39.55 38.31 32.97 32.25 26.71 24.99 24.75 24.04 23.13 21.54 19.77 19.01 18.54 18.47 18.29 15.02 12.59 11.68 11.12 11.07 3.74

1 2 4 5 6 7 8 9 10 11 12 13 14 16 17 18 19 20 21 22 23 24 25 26 27 28 30 32 34 35 37 39 40 41 42 43

97.73 95.45 90.91 88.64 86.36 84.09 81.82 79.55 77.27 75.00 72.73 70.45 68.18 63.64 61.36 59.09 56.82 54.55 52.27 50.00 47.73 45.45 43.18 40.91 38.64 36.36 31.82 27.27 22.73 20.45 15.91 11.36 9.09 6.82 4.55 2.27

Region

_________________________________________________________________________________________________________

Turkey Mexico Italy Denmark Israel Belgium France USA Canada Ireland Japan South Korea the United Kingdom Russia Australia Germany Netherlands Switzerland Hong Kong Greece Peru Singapore Argentina Thailand Poland Indonesia South Africa China Sweden Norway India Malaysia Brazil Chile Luxembourg Philippines

the Middle East Latin America Europe Europe the Middle East Europe Europe North America North America Europe Asia Asia Europe Europe Oceana Europe Europe Europe Asia Europe Latin America Asia Latin America Asia Europe Asia Africa Asia Europe Europe Asia Asia Latin America Latin America Europe Asia

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

147

Selling, General & Administrative Expenses (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

125.43 119.46 118.50 115.11 111.87 107.91 105.94 98.95 80.81 80.60 67.64 55.54 54.46 51.98 51.86 50.91 50.79 39.55 38.31 32.97 30.93 30.76 26.71 24.76 24.43 24.00 21.81 21.54 19.37 18.64 18.61 18.47 18.29 11.07

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

97.06 94.12 91.18 88.24 85.29 82.35 79.41 76.47 73.53 70.59 67.65 64.71 61.76 58.82 55.88 52.94 50.00 47.06 44.12 41.18 38.24 35.29 32.35 29.41 26.47 23.53 20.59 17.65 14.71 11.76 8.82 5.88 2.94 0.00

_________________________________________________________________________________________________________

Romania Vatican City Italy Bosnia & Herzegovina Macedonia Serbia & Montenegro Denmark Belgium France Iceland Ireland the United Kingdom Estonia Belarus Slovakia Russia Lithuania Germany Netherlands Switzerland Faroe Islands Liechtenstein Greece Malta Isle of Man Monaco Albania Poland Moldova Kazakhstan Bulgaria Sweden Norway Luxembourg

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

148

Operating Expenses - Total Countries

Value ($K/employee)

Rank

Percentile

62.42 61.09 36.19 31.82 31.41 22.12 21.56 18.20 15.50 12.30 10.01 7.97 7.61 6.65 6.04 5.50 4.85 4.29 3.15 2.88 2.59 2.33 2.24 1.41 1.18 1.18 1.14 0.88 0.72 0.71 0.47 0.36 0.35 0.20 0.12 -0.16 -0.27 -5.19

1 2 3 4 5 6 7 8 9 10 11 13 14 15 16 17 18 19 21 22 23 25 26 27 29 30 31 33 34 35 36 37 38 39 40 41 42 43

97.67 95.35 93.02 90.70 88.37 86.05 83.72 81.40 79.07 76.74 74.42 69.77 67.44 65.12 62.79 60.47 58.14 55.81 51.16 48.84 46.51 41.86 39.53 37.21 32.56 30.23 27.91 23.26 20.93 18.60 16.28 13.95 11.63 9.30 6.98 4.65 2.33 0.00

Region

_________________________________________________________________________________________________________

Germany France Switzerland Australia Finland Portugal Ireland Spain Norway Netherlands Philippines Hong Kong the United Kingdom Singapore Sweden Peru Denmark South Africa USA Malaysia South Korea Russia Italy Indonesia Poland Belgium India Argentina Luxembourg China Pakistan Brazil Chile Israel Japan Greece Canada Czech Republic

Europe Europe Europe Oceana Europe Europe Europe Europe Europe Europe Asia Asia Europe Asia Europe Latin America Europe Africa North America Asia Asia Europe Europe Asia Europe Europe Asia Latin America Europe Asia the Middle East Latin America Latin America the Middle East Asia Europe North America Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

149

Operating Expenses - Total (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

62.42 61.09 36.19 33.77 31.41 22.12 21.56 21.18 18.20 17.08 15.50 12.30 7.64 7.61 6.45 6.04 4.85 4.80 3.18 2.50 2.38 2.38 2.33 2.33 2.26 2.24 1.18 1.18 1.07 1.03 1.02 0.72 -0.14 -0.15 -0.16 -4.92 -4.92 -5.19

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38

97.37 94.74 92.11 89.47 86.84 84.21 81.58 78.95 76.32 73.68 71.05 68.42 65.79 63.16 60.53 57.89 55.26 52.63 50.00 47.37 44.74 42.11 39.47 36.84 34.21 31.58 28.95 26.32 23.68 21.05 18.42 15.79 13.16 10.53 7.89 5.26 2.63 0.00

_________________________________________________________________________________________________________

Germany France Switzerland Liechtenstein Finland Portugal Ireland Cyprus Spain Slovenia Norway Netherlands Faroe Islands the United Kingdom Monaco Sweden Denmark Albania Iceland Estonia Belarus Slovakia Russia Lithuania Vatican City Italy Poland Belgium Moldova Kazakhstan Bulgaria Luxembourg Isle of Man Malta Greece Croatia Latvia Czech Republic

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

150

Operating Income Countries

Value ($K/employee)

Rank

Percentile

194.13 193.60 77.80 68.12 63.89 62.57 57.84 49.47 34.00 32.15 26.70 26.06 22.69 22.63 21.33 21.15 20.62 20.45 17.43 17.27 16.06 14.66 13.64 12.83 11.78 10.89 10.43 9.48 8.31 7.96 7.91 7.55 7.35 7.11 6.14 6.08 5.44 5.34 5.12 5.08 4.93 3.46 0.13 -0.14 -7.97

1 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 19 20 21 22 23 24 25 26 27 28 29 31 32 33 34 35 36 37 40 41 43 44 45 46 47 50 51 52 53

98.11 96.23 92.45 90.57 88.68 86.79 84.91 83.02 81.13 79.25 77.36 75.47 73.58 71.70 69.81 67.92 64.15 62.26 60.38 58.49 56.60 54.72 52.83 50.94 49.06 47.17 45.28 41.51 39.62 37.74 35.85 33.96 32.08 30.19 24.53 22.64 18.87 16.98 15.09 13.21 11.32 5.66 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Turkey Mexico Hong Kong France Greece Israel Portugal Pakistan New Zealand Japan Argentina USA South Korea Taiwan Australia Denmark China Russia Singapore Spain Ireland Canada the United Kingdom Germany Philippines Belgium Switzerland Peru Czech Republic Sweden Italy Thailand Netherlands Poland India Malaysia South Africa Brazil Indonesia Chile Finland Norway Austria Luxembourg Hungary

the Middle East Latin America Asia Europe Europe the Middle East Europe the Middle East Oceana Asia Latin America North America Asia Asia Oceana Europe Asia Europe Asia Europe Europe North America Europe Europe Asia Europe Europe Latin America Europe Europe Europe Asia Europe Europe Asia Asia Africa Latin America Asia Latin America Europe Europe Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

151

Operating Income (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

184.45 169.27 164.51 158.69 74.61 68.12 63.89 59.22 58.44 57.84 55.37 35.20 26.33 21.88 21.15 20.88 20.83 20.45 20.40 17.27 16.90 16.22 16.06 13.64 12.83 10.89 10.43 9.73 8.31 8.28 7.98 7.96 7.91 7.88 7.88 7.35 7.11 6.40 6.16 6.14 4.93 3.46 0.13 0.13 0.13 0.13 -0.14 -6.71 -6.81 -7.17 -7.97

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Faroe Islands France Greece Malta Isle of Man Portugal Cyprus Andorra Iceland Estonia Denmark Belarus Slovakia Russia Lithuania Spain Monaco Slovenia Ireland the United Kingdom Germany Belgium Switzerland Liechtenstein Czech Republic Albania Vatican City Sweden Italy Latvia Croatia Netherlands Poland Moldova Kazakhstan Bulgaria Finland Norway Austria San Marino Jersey Guernsey Luxembourg Georgia Gibraltar Ukraine Hungary

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

152

Earnings Before Interest and Taxes (EBIT) Countries

Value ($K/employee)

Rank

Percentile

372.02 371.01 193.10 116.63 108.87 94.41 80.61 77.04 76.77 70.26 69.13 48.23 43.41 31.77 30.81 30.50 28.65 27.17 24.49 23.51 22.00 19.55 18.71 18.21 15.81 15.38 13.41 13.05 12.41 12.35 12.04 10.12 9.31 8.93 8.87 8.74 8.59 7.94 7.86 7.41 6.63 5.99 2.98 1.28 1.10

1 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 21 22 23 24 25 26 27 29 31 32 33 34 35 38 39 40 41 42 43 44 45 47 48 49 51 52 53

98.11 96.23 92.45 90.57 88.68 86.79 84.91 83.02 81.13 79.25 77.36 75.47 73.58 71.70 69.81 67.92 66.04 64.15 60.38 58.49 56.60 54.72 52.83 50.94 49.06 45.28 41.51 39.62 37.74 35.85 33.96 28.30 26.42 24.53 22.64 20.75 18.87 16.98 15.09 11.32 9.43 7.55 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Turkey Mexico Portugal Denmark Pakistan Italy Hong Kong Israel France Ireland Greece Taiwan New Zealand Japan Argentina Australia USA South Korea Russia Germany China Singapore Thailand Spain Peru the United Kingdom Switzerland Brazil Chile Philippines Czech Republic Belgium Finland Canada Netherlands Poland Sweden Indonesia Malaysia India South Africa Norway Hungary Austria Luxembourg

the Middle East Latin America Europe Europe the Middle East Europe Asia the Middle East Europe Europe Europe Asia Oceana Asia Latin America Oceana North America Asia Europe Europe Asia Asia Asia Europe Latin America Europe Europe Latin America Latin America Asia Europe Europe Europe North America Europe Europe Europe Asia Asia Asia Africa Europe Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

153

Earnings Before Interest and Taxes (EBIT) (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

353.47 324.38 315.25 304.10 193.10 184.84 116.63 95.18 94.41 77.29 76.77 70.26 69.13 64.07 63.23 44.95 28.95 26.20 25.00 24.95 24.49 24.43 23.51 18.96 18.21 17.09 15.38 13.80 13.41 12.52 12.04 11.43 11.43 10.12 9.31 8.87 8.74 8.59 7.86 7.56 7.55 5.99 2.98 2.68 2.55 2.51 1.28 1.27 1.24 1.24 1.10

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Portugal Cyprus Denmark Vatican City Italy Faroe Islands France Ireland Greece Malta Isle of Man Andorra Iceland Estonia Belarus Slovakia Russia Lithuania Germany Monaco Spain Slovenia the United Kingdom Albania Switzerland Liechtenstein Czech Republic Latvia Croatia Belgium Finland Netherlands Poland Sweden Moldova Kazakhstan Bulgaria Norway Hungary Ukraine Gibraltar Georgia Austria San Marino Guernsey Jersey Luxembourg

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

154

Pretax Income Countries

Value ($K/employee)

Rank

Percentile

188.49 187.98 79.83 76.03 70.35 62.51 55.50 51.51 42.51 40.67 28.95 26.97 25.74 25.55 25.44 24.37 24.30 20.94 20.60 18.86 18.74 17.53 16.26 13.66 11.72 11.60 11.57 11.37 8.08 7.77 7.30 7.26 7.23 7.22 6.65 6.57 6.38 4.38 4.38 4.09 3.89 3.82 2.39 0.28 0.21

1 2 4 5 6 7 8 9 10 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 28 29 31 34 35 36 37 38 39 41 42 43 45 46 47 48 49 51 52 53

98.11 96.23 92.45 90.57 88.68 86.79 84.91 83.02 81.13 79.25 77.36 75.47 73.58 71.70 69.81 66.04 64.15 62.26 60.38 58.49 56.60 54.72 52.83 50.94 49.06 47.17 45.28 41.51 35.85 33.96 32.08 30.19 28.30 26.42 22.64 20.75 18.87 15.09 13.21 11.32 9.43 7.55 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Turkey Mexico Hong Kong Israel Portugal France Greece Pakistan New Zealand Taiwan Japan South Korea Italy Australia Denmark USA Russia Argentina Ireland Singapore China Germany Spain Thailand Switzerland Philippines the United Kingdom Czech Republic Belgium Sweden India Finland Malaysia Indonesia Netherlands Canada Poland South Africa Norway Brazil Chile Peru Hungary Luxembourg Austria

the Middle East Latin America Asia the Middle East Europe Europe Europe the Middle East Oceana Asia Asia Asia Europe Oceana Europe North America Europe Latin America Europe Asia Asia Europe Europe Asia Europe Asia Europe Europe Europe Europe Asia Europe Asia Asia Europe North America Europe Africa Europe Latin America Latin America Latin America Europe Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

155

Pretax Income (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

179.09 164.35 159.73 154.08 76.55 70.35 67.34 62.51 55.50 51.44 50.76 44.02 26.00 25.94 25.74 25.44 24.81 24.75 24.62 24.30 24.24 20.60 18.29 17.53 16.26 15.26 11.72 11.57 11.37 10.94 10.79 10.78 8.08 7.77 7.26 6.65 6.38 5.73 5.52 5.51 4.38 3.33 2.39 2.15 2.04 2.01 0.28 0.21 0.21 0.20 0.20

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Faroe Islands Portugal Cyprus France Greece Malta Isle of Man Andorra Estonia Vatican City Italy Denmark Belarus Slovakia Iceland Russia Lithuania Ireland Monaco Germany Spain Slovenia Switzerland the United Kingdom Czech Republic Liechtenstein Latvia Croatia Belgium Sweden Finland Netherlands Poland Moldova Kazakhstan Bulgaria Norway Albania Hungary Ukraine Gibraltar Georgia Luxembourg Austria San Marino Jersey Guernsey

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

156

Income Taxes Countries

Value ($K/employee)

Rank

Percentile

65.80 65.63 37.02 13.61 13.00 11.94 11.69 10.91 8.58 7.69 7.25 7.11 6.65 6.37 6.00 5.74 5.23 5.22 5.15 5.12 4.84 4.80 3.91 3.66 3.63 3.57 3.56 3.45 3.35 2.82 2.69 2.67 2.32 2.17 1.97 1.94 1.94 1.65 1.16 1.11 1.06 1.02 1.01 0.34 -0.30

1 2 4 5 6 7 8 9 10 11 12 13 14 15 17 18 19 20 21 22 23 24 26 28 29 30 31 32 33 35 36 37 38 39 40 41 42 44 47 48 49 50 51 52 53

98.11 96.23 92.45 90.57 88.68 86.79 84.91 83.02 81.13 79.25 77.36 75.47 73.58 71.70 67.92 66.04 64.15 62.26 60.38 58.49 56.60 54.72 50.94 47.17 45.28 43.40 41.51 39.62 37.74 33.96 32.08 30.19 28.30 26.42 24.53 22.64 20.75 16.98 11.32 9.43 7.55 5.66 3.77 1.89 0.00

Region

_________________________________________________________________________________________________________

Turkey Mexico Greece Japan Portugal Italy Israel New Zealand Hong Kong USA Germany Argentina South Korea Denmark Russia Australia Ireland Czech Republic Belgium Taiwan France Thailand the United Kingdom Spain Philippines Sweden Switzerland Canada Singapore Finland Pakistan China Netherlands Poland Malaysia Indonesia South Africa Peru India Hungary Brazil Norway Chile Austria Luxembourg

the Middle East Latin America Europe Asia Europe Europe the Middle East Oceana Asia North America Europe Latin America Asia Europe Europe Oceana Europe Europe Europe Asia Europe Asia Europe Europe Asia Europe Europe North America Asia Europe the Middle East Asia Europe Europe Asia Asia Africa Latin America Asia Europe Latin America Europe Latin America Europe Europe

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007

www.icongrouponline.com

©2007 Icon Group International, Inc.

Financial Indicators

157

Income Taxes (Computer Programming, Data Processing and Computer Related Services) Countries in Europe

Value ($K/employee)

Rank

Percentile

62.52 57.38 55.76 53.79 37.02 34.31 33.86 13.00 12.44 12.04 11.94 11.30 8.22 7.77 7.25 6.41 6.37 6.12 6.11 6.00 5.98 5.23 5.22 5.15 4.95 4.95 4.84 3.91 3.66 3.57 3.56 3.44 3.32 3.25 2.82 2.32 2.17 1.95 1.87 1.87 1.44 1.11 1.02 1.00 0.95 0.93 0.34 0.33 0.33 0.33 -0.30

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

98.04 96.08 94.12 92.16 90.20 88.24 86.27 84.31 82.35 80.39 78.43 76.47 74.51 72.55 70.59 68.63 66.67 64.71 62.75 60.78 58.82 56.86 54.90 52.94 50.98 49.02 47.06 45.10 43.14 41.18 39.22 37.25 35.29 33.33 31.37 29.41 27.45 25.49 23.53 21.57 19.61 17.65 15.69 13.73 11.76 9.80 7.84 5.88 3.92 1.96 0.00

_________________________________________________________________________________________________________

Romania Bosnia & Herzegovina Macedonia Serbia & Montenegro Greece Malta Isle of Man Portugal Cyprus Vatican City Italy Andorra Faroe Islands Iceland Germany Estonia Denmark Belarus Slovakia Russia Lithuania Ireland Czech Republic Belgium Latvia Croatia France the United Kingdom Spain Sweden Switzerland Slovenia Liechtenstein Monaco Finland Netherlands Poland Moldova Kazakhstan Bulgaria Albania Hungary Norway Ukraine Gibraltar Georgia Austria San Marino Guernsey Jersey Luxembourg

_________________________________________________________________________________________________________

Source: Philip M. Parker, Professor, INSEAD, copyright 2007 www.icongrouponline.com

©2007 Icon Group International, Inc.

158

4 4.1

MACRO-ACCESSIBILITY IN GREECE EXECUTIVE SUMMARY

Greece is an import dependent economy, and as such, represents excellent marketing opportunities for U.S. goods, products, equipment, services and technology. This is especially true since U.S. suppliers are very highly regarded in Greece for superior quality and consistency. Moreover, there are no significant non-tariff barriers to U.S. exports. Among agricultural products, the best U.S. prospects are in nursery products, planting seeds, tree nuts, wood products and frozen seafood. Services represent the largest and fastest growing sectors of the Greek economy. Trade, banking, insurance, transportation and shipping, communications, healthcare, education, and tourism are the largest service sub-sectors. Greece’s food industry is expanding rapidly to support new markets in neighboring countries. Greece is a surplus producer of vegetables and fruits. Its largest export items include fresh and processed fruits and vegetables, especially canned peaches and tomato products, olive oil, wheat, and tobacco. American suppliers and manufacturers face their stiffest competition from Greece’s traditional EU trading partners, namely Italy, Germany, France, the UK and the Netherlands. In addition to duty-free status, EU suppliers enjoy the advantages of proximity to the Greek market, which translates into lower transportation costs and faster service. Greece is a full member of the EU. Moreover, Greece has a relatively good record in the implementation of EU directives. The application of uniform EU standards and certificates makes it easier for U.S. firms already experienced in doing business in Europe to expand their business interests to Greece. On the other hand, the Greek market has its own peculiarities, particularly when it comes to bids on government tenders. Lack of familiarity with regulations and lack of experience in dealing with the bureaucracy can lead to frustration and delays in contract negotiations. A competent local representative is invaluable. Similarly, U.S. firms considering investing in Greece should review the relevant regulations with legal, tax and other business experts in order to avoid potential problems. The quasi-governmental Hellenic Center for Investment (ELKE) is able to provide assistance in dealing with Greek Government institutions. At present, there are over 100 U.S. firms with subsidiaries in Greece; hundreds more sell through agents and distributors. Total U.S. direct and indirect investment in Greece is estimated at roughly $2 billion, about one-third of all foreign investment in Greece. A number of U.S. companies have taken advantage of Greece’s on-going privatization efforts, which include such companies as Olympic Airways, (OA) and the Hellenic Telecommunication Organization, (OTE), and a number of state-controlled banks. De-regulation of Greece’s energy sector, for example, attracted a number of U.S. firms to participate in energy projects with Greek partners, most notably in the renewable energy field. However, Greece offers many opportunities as well for U.S. business interests in the electricity, gas, refinery and related energy sectors. Greece’s proximity to other countries in Southeastern Europe, and the traditional trade ties of Greek businessmen with these neighboring countries, offer a variety of additional opportunities for U.S. business. Greece, particularly through its northern port city of Thessaloniki, is a logical gateway to the Balkan countries. Greek business relations in Albania and the Former Yugoslav Republic of Macedonia, (FYROM), have played a key role in enhancing not only Greece’s relations with these countries, but also the expansion of business in these markets. Greek firms enjoy good commercial ties to central and eastern European markets as well, including the Black Sea region. U.S. firms may wish to target these markets from a base in Greece or to explore three-way arrangements with Greek companies or partners.

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POLITICAL RISKS

Greece is a parliamentary democracy and one of 15 members of the European Union. Despite EU-mandated devolution to regional and local authorities, political and economic decision-making remains highly concentrated in Athens, with elected district governors dependent for funding on the central government. Greece achieved a significant success with Greece’s entry into the EU’s Economic and Monetary Union (EMU) in 2000. The United States and Greece are partners in the North Atlantic Treaty Organization (NATO) with shared concerns for the stability of southeastern Europe. The two countries enjoy excellent bilateral relations. Common strong democratic traditions and a large and active Greek-American community further strengthen ties between the countries.

4.2.1

Political Issues Affecting the Business Climate

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The continuing operation of indigenous terrorist groups -- although attenuated to a strong degree by last year’s arrest of several 17 November members --opposed to U.S./NATO policies, globalization, and privatization;

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Instability in the Balkans, where Greek companies are highly active;

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Intra-PASOK resistance to efforts to privatize/trim a bloated state sector;

•

Labor movement insistence that the government and companies make the major contribution to saving problematic pension funds, and strong resistance to liberalizing rigid labor markets;

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Dependence by politicians on media groups with strong ties to business interests;

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A politicized, anti-globalization environmental movement increasingly sophisticated in using the courts and the EU to block large projects.

4.3 4.3.1

MARKETING STRATEGIES Distribution Channel Options

It is estimated that over 80 percent of Greece’s import trade is handled through sales agents or distributors. Agency agreements are not required to be exclusive and can be signed for any period of time. Distributors operate on wholesale (and in some cases, retail) basis with exclusive sales rights for certain districts or for the entire country. Importers usually maintain offices in Athens, Piraeus, or Thessaloniki with branch offices, subagents, and traveling sales staff covering the rest of the country. There are instances of small importers joining together to form cooperatives. Sales agents representing foreign nationals are required to obtain an operating license from a special committee of the local Chamber of Commerce. The issuance of the license is subject to verification that Greek nationals are accorded reciprocal treatment in the applicant’s country of residence. Reciprocity must be proven through a certificate from a Greek consular officer stationed in the applicant’s country. Prospective sales agents are screened on the basis of reputation, experience and financial standing.

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Retail and wholesale trade is mostly characterized by small, family-owned and operated businesses, each of which deals in a narrow range of goods. There are over 300,000 trading establishments in Greece. There are 7,700 corporations and limited liability companies engaged in wholesale trade and 3,200 corporations and limited liability companies handling retail trade. There are a handful of department stores and several supermarket chains. Some department stores have closed, due to failure to adjust to new shopping trends. Those that remain in business tend to operate like small shopping centers where the “shop-in-shop” concept is applied. A considerable volume of retail sales is still made by small, specialized shops. Direct marketing is increasing in Greece, but the relatively limited use of personal checks and credit cards, in comparison with the rest of Europe, has inhibited its development. There are a few small mail or telephone order services in Greece. Door-to-door selling exists on a limited scale. Franchising is becoming increasingly popular in Greece, with most of the franchises in fast food. There is no special law governing franchising in Greece.

4.3.2

Licensing Options

Licensing agreements have to be filed with the Industrial Property Organization and Greek tax authorities. All procedures for payment and transfer of royalties to EU and non-EU residents are handled by commercial banks operating in Greece. No foreign exchange regulations apply to royalties. The Ministry of National Economy and the Bank of Greece intervene only when a foreign firm requests an unusually high royalty percentage. Rates over 10 percent are considered exorbitant and are not permitted.

4.3.3

Agents and Distributors

The key to success in the Greek market is to have an experienced agent or joint venture partner with suitable experience and an extensive sales network. The ability to offer full after-sales support to the end-user, along with spare parts is also crucial. As the Greek Government accounts for most major purchases, it is also essential that local agents or joint venture partners have the knowledge and experience to participate in government tenders on behalf of U.S. suppliers. The decisive factor in government purchases is low price and strict adherence to specifications. Private sector purchasers are more likely to weigh price in relation to the quality and after sales support of the goods or services being purchased. Before making a commitment to prospective agents or joint venture partners, U.S. firms are advised to obtain background information and credit reports.

4.3.4

Creating a Sales Office

In order to establish any type of business office in Greece, a certified true copy of the company’s articles and relevant agreements must be filed with the Court of Misdemeanors. Then, the local tax office must receive a copy of these documents in order to record the newly established entity with the local Merchants’ Social Insurance system. Finally, the local Chamber of Commerce issues the license number under which company will operate in Greece.

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All traditional types of business organizations exist in Greece along with some more clearly defined subtypes. These include the following: •

Corporation

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Limited liability company

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General or common partnership

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Limited partnership

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Sole proprietorship or individual enterprise

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Cooperative

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Joint venture or consortium

Under Greek law, joint ventures and consortia are not recognized as different kinds of legal entities. The law governing joint ventures has been developed through decisions of the courts and directives issued by the Ministry of Finance. In general, each participant in a joint venture is liable for his share of the total debt, including taxes. Current tax law recognizes the existence and special nature of joint ventures and provides specific rules as to how their accounting records should be maintained. Foreign enterprises may establish operations in Greece under any of the categories listed. In the case of industrial projects, the foreign investor is generally required to organize a Greek corporation in order to enjoy the full benefits of Law 2687 (which covers foreign productive investment) and other incentives provided by the Greek Government. If none of the above forms is appropriate, foreign firms may establish branch offices. This requires the written approval of the Ministry of Development. Such approvals are issued on the basis of a power of attorney that designates a person who permanently resides in Greece to act as the foreign corporation’s legal representative in the country.

4.3.5

Selling Strategies

The selling factors and techniques that are applicable to Greece are generally the same as those in other western European countries and the United States.

4.3.6

Advertising Options

Advertising and sales promotion are usually handled by one of many local advertising companies. Advertising companies use all types of media to reach target groups. The mass media in Greece includes four state-run and over fifty private TV channels and more than five hundred radio stations. There are also eight major national daily newspapers and a large number of general and specialized interest magazines, most of which target young age groups. International press is also available in major cities and tourist destinations.

4.3.7

Pricing Issues

Greece has no price controls, except for pharmaceutical and agricultural products. When pricing a product, firms should consider payment and credit terms. Orders are usually small, and Greek importers will request special consideration if a U.S. supplier requires large orders.

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Greek importers generally expect a C.I.F. quotation, except when the purchasing company does a large amount of direct buying and provides its own insurance. American firms should be prepared to quote prices on whatever basis is preferred by the prospective buyer.

4.3.8

Credit

U.S. exporters should bear in mind that letters of credit and drafts in amounts generally required by small businesses are very expensive in Greece. Banks require the cash equivalent to be deposited before issuing any guarantees. Working capital loans are relatively expensive, and to avoid extra costs, Greek firms often seek cash against documents or extended credit terms of 30-60 days (or longer) from their suppliers. Nevertheless, U.S. banks and firms should exercise caution when extending credit to Greek businesses. It is important to obtain full credit background information on any prospective recipient of liberal financing terms. Greek firms with an unhealthy debt/equity ratio are very vulnerable to changing interest rates. It is advisable to run periodic credit checks, even on businesses that have good payment records. There are no debt collection agencies in Greece. Only courts are empowered to collect debts, through a legal process that is usually long and expensive. There are a large number of bilingual law firms in Greece, which practice business law.

4.3.9

Government Procurement

Purchases by the Greek Government of capital equipment and supplies play an important role in the country’s commercial environment. Greece is a member of the European Union and a signatory of the GATT Government Procurement Code, and adheres to the polices on government procurement of those organizations. The Ministry of Development controls the procurement of almost all-public sector entities such as ministries, and state organizations and agencies. It is a standard requirement for all bidders to post a bond, usually 5 percent of the bid value, for all tenders issued by the Greek Government and quasi-governmental agencies. Bids not accompanied by bonds are invalid. Bonds are returned to unsuccessful bidders within 5 days of the award of a contract. After a bid is approved, the successful bidder is invited to sign a contract that incorporates the terms and conditions of the bid, subject to any negotiated additions or amendments. At that time, the firm must post, a performance bond, usually equal to 10 percent of the bid value. Bids for the construction of public works are governed by special legislation. Construction bids are normally only open to local firms. However, when projects are complex and require a high degree of technical expertise, or when externally financed, international bids are welcomed. If a local firm can supply a particular commodity or service, the tender may be limited to local firms. Another means of directing purchases to local firms is to stipulate that foreign bidders must submit their offers in joint ventures with local enterprises. In major projects, the utilization of local resources (engineering services, manpower supplies, manufacturing, or assembly) is an important factor in bid evaluations. Foreign as well as local bidders must quote and accept payment in Euros, unless otherwise specified in the tender documents.

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Special legislation also governs military construction projects and the purchase of defense items. Most military tenders for defense equipment require offsets. Procurement sponsored by the North Atlantic Treaty Organization (NATO) is open to international competitive bidding in accordance with NATO bidding procedures.

4.3.10

E-Commerce

Whether Business to Consumer or Business to Business, E-Commerce has been very slow to mature in Greece, even in comparison to lesser-developed countries. In Greece, relatively few companies opt to use the Internet as a platform for their communication requirements, as compared to the European (EU) example as a whole. Although competition among Internet Service Providers contributes to the lowering of prices, a marketing presence on the Internet nevertheless constitutes an expensive exercise for many Greek companies. This is reflected in the small number of leased lines that Internet Service Providers have managed to secure. Thus, E-Commerce is proceeding at an experimental level in Greece, with many Greek firms concluding that there are few immediate, tangible benefits and considerable costs in exploring the capabilities of the international network. The Greek Government has adopted all EU regulations concerning E-Commerce and its applications, and is looking at E-Commerce as a positive factor of economic development, encouraging Greek business and government entities to explore its potential. Currently, however, Internet users in Greece number approximately 600,000 out of a total population of about 11 million. As such, Internet penetration in Greece remains relatively low, reaching less than 10%, while other EU countries range from 13% in Spain up to 40% in Finland. of the 600,000 Internet users in Greece, only 8% have ever engaged in any type of E-Commerce transaction.

4.4 4.4.1

IMPORT AND EXPORT REGULATION RISKS Trade Barrier Risks

Greece is member of the WTO and the EU. The Euro replaced the drachma as of January 1, 2002. Greece maintains nationality restrictions on a number of professional and business services, including legal advice. These restrictions do not apply to EU citizens, and U.S. companies generally circumvent these barriers by partnering with Greek or EU businesses. The transitional period for de-monopolization of the Greek audit industry officially ended on July 1, 1997. Numerous attempts to reserve a portion of the market for the former state audit monopoly during the transition period (1994-97) were blocked by the European Commission and peer review in the OECD. However, in November 1997, the Greek Government issued a presidential decree that reduced the competitiveness of multi-national auditing firms. The decree established minimum fees for audits, and imposed restrictions on utilization of different types of personnel in audits. It also prohibited audit firms from doing multiple tasks for a client, thus raising the cost of audit work. The government has defended these regulations as necessary to ensure the quality and objectivity of audits. In practical effect, the decree constitutes a step back from deregulation of the industry. Under the “Open Skies” aviation agreements that the U.S. has with most EU member states, there are no restrictions on bilateral routes, capacity or pricing. Greece is one of several member states without an Open Skies agreement, and where the U.S.-Greece bilateral aviation relationship still reflects some limitations.

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Greek film production is subsidized by a 12 percent admissions tax on all motion pictures. Enforcement of Greek laws protecting intellectual property rights for film, software, music, and books has been is problematic, but has considerably improved in the last few years. Greece has not been responsive to applications for introduction of bioengineered (genetically modified) seeds for field tests despite support for such tests by Greek farmers and Greece’s agricultural science community. Greek testing methods for karnal bunt disease in U.S. wheat, which initially resulted in a high incidence of false positive results, have been improved to the point that they are no longer an obstacle to importation of U.S. wheat. Imports of U.S. wheat, however, have not recovered and are close to nil.

4.4.2

Valuations on Imports

As a member of the European Union, Greece subscribes to the EU’s common external tariff, common agricultural policy, joint transportation policy, and to directives on the free movement of goods, labor and capital. Trade between EU members is duty-free. Import duties on products from non-EU countries, (including the U.S.), is 5 - 7 percent for most manufactured products. In general, duties are lower on most raw materials and higher on some other product categories, such as textiles. Import duties are applied on C.I.F., ad valorem basis. In addition to import duties, imports are subject to other minor surcharges totaling less than 1 percent. Agricultural products from non-EU countries are subject to a complicated protection system administered by the EU. The system includes surcharges that make non-EU agricultural products non-competitive in price. Greece occasionally bans imports of some types of agricultural products that compete with similar domestically produced ones. Greece also sometimes prevents or delays customs clearance on the grounds of phytosanitary problems. Commodity imports into Greece are generally free and no import licenses are required. The EU applies certain quota restrictions on products from low-cost countries. U.S. businessmen wishing to market products manufactured in low-cost countries, such as China, are advised to review the quota system with their importers. Banks require one original invoice from the foreign supplier in order to carry out a transaction. Temporary duty relief can be granted for raw materials imported into Greece for processing and re-exportation to non-EU countries. Goods imported into Greece for demonstration, such as at a trade event, can be imported under a carnet, which can be issued by most U.S. Chambers of Commerce. All products, regardless of origin, (foreign or domestic), are subject to the Value Added Tax, (VAT), generally 18%. On non-EU products, the VAT is applied to the total CIF value, plus the import duty, and payable in full upon import. Payment of the VAT on EU-origin products is deferred until point of sale, making the import less costly than a shipment from the United States.

4.4.3

Labeling Issues

Labeling and marking requirements are in accord with EU requirements. Labels must be in Greek. The Greek labels can be attached to the product between clearing customs and being offered for sale. If this presents a problem, U.S. manufacturers should consult with their Greek importers.

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Local Standards

Greece follows standards requirements according to guidelines set by the EU. ISO 9000 is accepted and used by many local firms and is a requirement for many government procurement contracts.

4.4.5

Additional Trade Issues

Pharmaceutical imports require special approval that is granted by the National Pharmaceutical Organization. Newto-market food products require similar approval by the General State Laboratory. Products complying with the Food Code do not require a special permit to be imported and marketed in Greece, with the exception of seeds, meat and poultry products, nuts, and dairy products. In order for a seed variety to be imported into Greece it should be listed in the European Variety Catalog. If not, it must be registered in the national Catalog of Greece, which requires tests taking 2-3 years, depending on variety and species. Seed shipments must be accompanied by certain certificates required by the EU. Imports of meat and poultry and their by-products from third countries into Greece are allowed only from EU approved plants. Imports of poultry products into Greece from the U.S. were suspended due to failure of the U.S.E.U. Veterinary Equivalency agreement to include poultry. Imported nuts are subject to an aflatoxin test performed by the Supreme Chemical Laboratory. Imports of dairy products (i.e., ice cream and frozen yogurt) of U.S. origin should be from plants included in the list of EU approved plants.

4.4.6

Free Trade Zone Options

Greece has three free-trade zones, located at the Piraeus, Thessaloniki, and Heraklion port areas. Goods of foreign origin may be brought into these zones without payment of customs duties or other taxes and remain free of all duties and taxes if subsequently transshipped or re-exported. Similarly, documents pertaining to the receipt, storage or transfer of goods within the zones are free from stamp taxes. Handling operations are carried out according to EU regulations 2504/88 and 2562/90. Transit goods may be held in the zones free of bond. The zones also may be used for re-packing, sorting, and re-labeling operations. Assembly and manufacture of goods are carried out on a small scale in the Thessaloniki Free Zone. Storage time is unlimited, as long as warehouse charges are promptly paid every six months.

4.5 4.5.1

INVESTMENT CLIMATE Openness to Foreign Investment

Greece, a member of the European Union, provides a reasonably hospitable climate for foreign investment. Greece’s membership in the EU’s Economic and Monetary Union offers currency stability. www.icongrouponline.com

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The Greek Government encourages private foreign investment as a matter of policy. Investments are screened only when the investor wants to take advantage of government provided tax and investment incentives. In such cases, foreign and domestic investors face the same screening criteria. Greece, which restricted foreign and domestic private investment in public utilities, has opened its telecommunications market and has plans to gradually liberalize its energy sector. Restrictions exist on land purchases in border regions and on certain islands (on national security grounds). Also U.S. and other non-EU investors receive less advantageous treatment than domestic or EU investors in the banking, mining, broadcasting, maritime, and air transport sectors (these sectors were opened to EU citizens due to EU single market rules).

Major Investment Laws •

Legislative Decree 2687 of 1953 which, in conjunction with Article 112 of the Constitution, gives approved foreign “productive investments” (basically manufacturing and tourism enterprises) property rights, preferential tax treatment, work permits for foreign managerial and technical staff, and permission for the export of capital, dividends, interest, and other current payments. The Decree also provides a constitutional guarantee against unilateral changes in the terms of a foreign investor’s agreement with the Greek Government, but the guarantee does not cover changes in the tax regime.

•

Law 2601/98 revised the investment incentives regime replacing Law 1892/90 and its subsequent amendment 2234/94. Under the new law, new businesses (with less than five years of operation) may choose either of the following combinations of incentives: a) grants and interest subsidies as well as subsidies for leasing equipment, or b) tax exemptions and interest subsidies. The emphasis of the new law is on assistance for large projects, mergers of small and medium size manufacturing companies and on the development of new products. Law 2601/98 is about to be revised. The new investment incentives bill will reportedly include higher tax-free reserves for re-investment and creation of new jobs and will simplify the existing tax regime for foreign investment.

•

Laws 89/67, 378/68, 27/75 and 814/78 provide special benefits (such as tax and import duty exemptions) for offshore operations of foreign companies established in Greece.

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Law 468/76 governs oil exploration and development in Greece. Law 2289/95, amending this legislation, allows private participation in oil exploration and development.

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Law 2773/99 opened up 34 percent of the Greek energy market in compliance with EU Directive 96/92 concerning the regulation of the internal electricity market.

•

Law 2246/94 and supporting amendments opened gradually Greece’s telecommunications market.

4.5.2

Conversion and Transfer Policies

Greece’s foreign exchange market is in line with EU rules on free movement of capital. Receipts from productive investments can be repatriated freely at market exchange rates. Remittance of investment returns is made without delays or limitations. As of January 1, 2001, Greece became a member of the European Monetary Union.

4.5.3

Expropriation and Compensation

Private property may be expropriated for public purposes, but only in a nondiscriminatory manner and with prompt, adequate and effective compensation. Due process and transparency are mandatory, and investors and lenders receive compensation in accordance with international norms. There have been no expropriatory actions involving the real property of foreign investments in recent history.

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Dispute Settlement

A dispute between the Greek Public Gas Corporation and GAZPROM, the Russian supplier of natural gas, over the price of gas went to international arbitration but the two sides reached a friendly settlement before the final ruling. Greece accepts binding international arbitration of investment disputes between foreign investors and the Greek State. International arbitration as well as European Court of Justice judgments supersede local court decisions. Greece has an independent judiciary. The court system is a highly time-consuming means for enforcing property and contractual rights. Foreign companies report that Greek courts do not always provide unbiased and effective recourse. Although an investment agreement could be made subject to foreign legal jurisdiction, this is highly uncommon, particularly if one of the contracting parties is the Greek State. Foreign court judgments are accepted and enforced, albeit slowly, by the local courts. Commercial and bankruptcy laws in Greece are in accordance with international norms. Under Greek bankruptcy law, private creditors receive compensation after claims from the state and insurance funds have been satisfied. Monetary judgments are usually made in local currency unless explicitly stipulated otherwise. Greece has a reliable system of recording security interests in property. Greece is a member of both the International Center for the Settlement of Investment Disputes and the New York Conv ention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards.

4.5.5

Performance Requirements and Incentives

Greece is in compliance with WTO TRIMS Notification. Investment incentives are available on an equal basis for both foreign and domestic investors in productive enterprises. The monetary value of an incentive is inversely proportional to the level of development of a given region; in other words, the less developed the region where the investment will occur, the more generous the incentive. Under the Investment Incentives Law 2601/98, new businesses (with less than five years of operation) may choose either of the following combinations of incentives: •

Grants and interest subsidies, as well as subsidies for leasing equipment.

•

Tax exemptions and interest subsidies.

Businesses with more than five years of operation qualify only for interest subsidies and tax exemptions. Additional tax incentives are extended to foreign investors if they establish export-oriented businesses, or if they save foreign exchange through import substitution (Law 2687/53). The Hellenic Center for Investment (ELKE), a quasi-state entity established as a one-stop shop for assisting investors, is responsible for reviewing projects valued over 8.8 million euros ($8.3 million), or 3 million euros ($2.8 million) if there is at least 50 percent foreign participation, for which government incentives are sought. There are no performance requirements for establishing, maintaining, or expanding an investment. However, performance requirements come into play when an investor wants to take advantage of tax and/or investment incentives. Local content, import substitution, exports orientation, and technology transfers are considered by the Greek authorities in evaluating applications for investment incentives. Companies that fail to meet the specified performance requirements may be forced to give up the incentives they were initially granted. All information transmitted to the government for the approval process is treated confidentially. U.S. and other foreign firms may participate in government-financed and/or subsidized research and development programs. Foreign investors do not face discriminatory or other de jure inhibiting requirements. However, many potential and actual foreign investors assert that the complexity of Greek regulations, the need to deal with many layers of bureaucracy, and the involvement of various government agencies discourage investment. www.icongrouponline.com

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Foreigners from EU countries may freely work in Greece. Foreigners from non-EU countries may work in Greece after receiving residency and work permits. There are no discriminatory or preferential export/import policies affecting foreign investors, as EU regulations govern import and export policy, and increasingly, many other aspects of investment in Greece.

4.5.6

Right to Private Ownership and Establishment

Foreign and domestic private entities have the right to establish and own business enterprises. They may engage in all forms of remunerative activity, including the right to establish, acquire, and dispose of interests in businesses. Private enterprises enjoy the same treatment as public enterprises with respect to access to markets and other business operations, such as licenses and supplies. Access to credit has traditionally been easier for public enterprises, which could borrow easily from state-controlled banks. Liberalization of the banking system and increased compliance with EU norms, however, have gradually forced state banks to operate in a more marketoriented manner, making it easier for the private sector to obtain credit.

4.5.7

Intellectual Property Risks

Greek laws extend protection of property rights to both foreign and Greek nationals. The Greek legal system protects and facilitates acquisition and disposition of all property rights. As for intellectual property, Greece is a member of the Paris Convention for the Protection of Industrial Property, the European Patent Convention, the World Intellectual Property Organization, the Washington Patent Cooperation Treaty, and the Bern Copyright Convention. As a member of the EU, Greece has harmonized its legislation with EU rules and regulations. The WTO-TRIPS agreement has been incorporated into Greek legislation as of February 28, 1995 (Law 2290/95). Greece’s legal framework for copyright protection is contained in Law 2121 of 1993 on copyrights and Law 2328 of 1995 on media. In September 2002, Greece became the first EU country to implement the European Copyright Directive. Greek laws extend equal protection on patents and trademarks to both foreign and Greek nationals. Greece is a member of the Paris Convention for the Protection of Intellectual Property, the European Patent Convention, the World Industrial Property Organization, and the Berne Copyright Convention. Greek legislation is also in harmony with EU rules and regulations on the subject. Intellectual property appears to be adequately protected in the field of patents. Patents are available for all areas of technology. Compulsory licensing is not used. The law protects patents and trade secrets for a period of twenty years. There is a potential problem concerning the protection of test data relating to non-patented products. Violations of trade secrets and semiconductor chip layout design are not problems in Greece. Another problem is the absence of protection of trademarked products in the apparel sector. Although Greek trademark legislation is fully harmonized with that of the EU, claims by U.S. companies of counterfeiting are still increasing. U.S. companies report that smuggling of counterfeit apparel from Asia for distribution throughout Europe continues, but businessmen also report that Greek customs officials have raised their awareness of the problem. Although there is adequate legislation which covers the protection of patents, copyrights and trademarks, enforcement of the law is insufficient, and piracy of copyrighted products and trademarks still exists.

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Transparency of the Regulatory System

As an EU member, Greece is required to have transparent policies and laws for fostering competition. Foreign companies, however, report that they have encountered cases where there are multiple laws covering the same issue, resulting in confusion over which law applies in which situation. Foreign companies consider the complexity of government regulations and procedures -- and the perceived inconsistent implementation by the Greek civil administration -- to be the greatest impediment to investing and operating in Greece. In order to simplify and expedite the investment process, a quasi-state investment promotion agency, the Hellenic Center for Investment (ELKE), was established in 1996. ELKE functions as a one-stop shop for assisting investors in cutting through red tape and acquiring the numerous permits needed to proceed with investments. It also advises the government on ways to streamline the investment process and to generally improve investment climate in Greece. Greek labor laws limit working hours, penalize overtime, restrict part-time employment, and are restrictive regarding the dismissal of personnel. Under current regulations, both private and public companies are prohibited from firing or laying-off more than 2 percent of their total workforce per month without government authorization. Foreign investors often complain about frequent changes in tax policies (the government usually introduces new tax legislation annually). Tax laws sometimes include discriminatory provisions, e.g., the 1998 tax bill increased the corporate tax rate from 35 to 40 percent for all corporations that have registered shares but do not trade them on the Athens Stock Exchange (ASE). Though in principle this change would not violate Most Favored Nation or National Treatment obligations, one practical result is to provide a tax subsidy to Greek firms based on their utilization of the ASE.

4.5.9

Capital Market Risks

Greece has a reasonably efficient capital market that offers the private sector a wide variety of credit instruments. Credit is allocated by private banks -- and increasingly by public ones too -- on market terms prevailing in the Eurozone and credits are equally accessible by private Greek and foreign investors. Three American banks operate in Greece (Citibank, American Express and Bank of America), serving both the local and international business communities. An independent regulatory body, the Capital Market Committee, supervises the Athens Stock Exchange and encourages and facilitates portfolio investments. Both owner-registered and bearer bonds and shares are traded on the Athens Stock Exchange which was promoted in 2001 from “emerging market” to “developed country” status by key western investment firms. It is mandatory for the shares of banking, insurance and public utility companies to be registered. Greek corporations listed on the Athens Stock Exchange that are also state contractors are required to have all their shares registered. A few state-controlled banks dominate the Greek banking industry. Private Greek and foreign banks do, however, comprise an increasingly competitive and generally profitable private sector, holding about 51 percent of the banking system’s assets. Private banks in Greece are in good financial health and are expanding their market share. State banks have a large exposure to public enterprises of questionable financial health. Total combined assets of the five largest banks are estimated at 128 billion dollars. There are a limited number of cross-shareholding arrangements in the Greek market. To date, the objective of such arrangements has not been to restrict foreign investment. The same applies to hostile takeovers (a practice which has been recently introduced in the Greek market). Generally, in sectors open to private investment, foreign investment is not prohibited or restricted, either by law or regulation or by private sector efforts or practices.

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Political Violence

Greece is a stable parliamentary democracy currently governed by a pro-EU socialist government. Several terrorist groups have been active in Greece since the restoration of democracy in 1974, including the “17 November” and the “ELA” organizations. U.S. and Western government and commercial interests, as well as prominent Greek businessmen, journalists and politicians have at times been targeted by these groups.

4.5.11

Corruption

Bribery is considered a criminal act and the law provides severe penalties for infractions. The law is impartially applied; diligent implementation and enforcement of the law remains an issue. The problem is most acute in the area of government procurement. Political influence and other considerations, such as loyalty to old suppliers are widely believed to play a significant role in the evaluation of bids. Bribery cannot be deducted from taxes. As a signatory of the OECD Convention on Combating Bribery of Foreign Government Officials and all relevant EU-mandated anticorruption agreements, the Greek Government is committed to penalizing those who commit bribery in Greece or abroad. The OECD Convention was ratified by the Greek Parliament on November 5, 1998 and implementation began as of February 15, 1999. The Greek Government has tried to fight corruption in public administration. A number of inspection bodies have been established to check out complaints and investigate cases of corruption in the entire spectrum of public administration, including local authorities. The main authority for these inspections is the Public Administration’s Inspectors and Auditors Unit, established in 1997, at the Ministry of Interior. Besides this main body of general inspectors, independent inspection divisions exist at various Ministries and in the Greek Police and the Hellenic Coast Guard. Investigation procedures and preliminary inquiries on financial crimes come under the jurisdiction of a special unit in the Ministry of Economy and Finance, the Financial and Economic Crimes Unit (Greek acronym: SDOE). The responsibility for the prosecution of bribery cases lies with the Ministry of Justice. In cases where politicians are involved, the Greek Parliament decides whether parliamentary immunity should be lifted to allow a special court action to follow. In recent years, there have been a number of investigations of alleged corruption; there was even a special court action against politicians, including the then Prime Minister, in 1989. While private bankers were convicted, no government official has been convicted to date. The Greek Chapter of Transparency International closely follows developments to press for investigation and prosecution of corruption cases.

4.5.12

Bilateral Investment Agreements

Greece has bilateral investment protection agreements with Albania, Algeria, Argentina, Armenia, Bosnia, Bulgaria, Chile, China, Croatia, Cuba, Cyprus, Czech Republic, Egypt, Estonia, Georgia, Hungary, Kazakhstan, Korea, Latvia, Lebanon, Lithuania, Mexico, Moldova, Morocco, Poland, Romania, Russia, Serbia, Slovenia, South Africa, Tunisia, Turkey, Ukraine, Uzbekistan, and Zaire. Investments by EU member states are governed and protected by EU regulations. Greece and the United States signed the 1954 Treaty of Friendship, Commerce and Navigation, which covers a few investment protection issues, such as acquisition and protection of property and impairment of legally acquired rights or interests. Also, Greece and the United States signed the 1950 Treaty for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.

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OPIC and Other Investment Insurance

Full OPIC insurance coverage for U.S. investment in Greece is currently available only on an exceptional basis. OPIC and the Greek Export Credit Insurance Organization signed an agreement in April 1994 to exchange information relating to private investment, particularly in the Balkans. Other insurance programs that also offer coverage for investments in Greece include the German investment guarantee program HERMES, the French agency COFACE, the Swedish Export Credits Guarantee Board (EKN), the British Export Credits Guarantee Facility (ECGF), and the Austrian Kontrollbank (OKB). Greece became a member of the Multilateral Investment Guarantee Agency (MIGA) in 1989. For the purposes of OPIC Currency Inconvertibility insurance, it should be noted that since the Greek drachma was included in the European Union’s Exchange Rate Mechanism (ERM) on March 16, 1998, currency inconvertibility is no longer an issue. Greece is part of the eurozone as of January 1, 2001.

4.5.14

Labor

There is an adequate supply of skilled, semi-skilled, and unskilled labor in Greece, although some highly technical skills may be lacking. Illegal immigrants predominate in the unskilled labor sector in many urban areas (total number of illegal immigrants estimated as high as 800,000). About 350,000 illegal immigrants took advantage of a recent government program to legalize their residence and work status. Labor-management relations in the private sector are generally good, but difficulties exist in the public sector, as evidenced by the higher level of strikes, labor stoppages, and related job actions by public sector employees. Greece has ratified ILO Conventions protecting workers’ rights. Specific legislation provides for the right of association and the right to strike, organize, and bargain collectively. Greek labor laws prohibit forced or compulsory labor, set a minimum age (15) for the employment of children and determine acceptable work conditions and minimum occupational health and safety standards.

4.5.15

Free Trade Zones and Free Ports

Greece has three free-trade zones, located at Piraeus, Thessaloniki and Heraklion port areas. Greek and foreignowned firms enjoy the same advantages in these areas. Goods of foreign origin may be brought into these zones without payment of customs duties or other taxes and remain free of all duties and taxes if subsequently transshipped or re-exported. Similarly, documents pertaining to the receipt, storage, or transfer of goods within the zones are free from stamp taxes. Handling operations are carried out according to EU regulations 2504/88 and 2562/90. Transit goods may be held in the zones free of bond. The zones also may be used for repackaging, sorting and re-labeling operations. Assembly and manufacture of goods are carried out on a small scale in the Thessaloniki Free Zone. Storage time is unlimited, as long as warehouse charges are promptly paid every six months.

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TRADE AND PROJECT FINANCING The Banking System

The banking and financial sectors have been liberalized considerably since 1987, primarily because of directives from the EU, and are now basically free of state interference. The Greek banking system consists of a Central Bank (The Bank of Greece), 34 commercial banks, 4 investment banks, 1 specialized bank (Agricultural Bank of Greece), 9 local cooperative banks and the Postal Savings Bank. Eighteen of the commercial banks are foreign, including three American banks. of the Greek commercial banks, the largest is the National Bank of Greece, which accounts for about one-fourth of the country’s banking business. State-controlled banks and specialized financial institutions together control about 51 percent of deposits and 43 percent of loans. Foreign-owned banks (including other EU-based banks) control about 12 percent of deposits and 14 percent of loans. Greek-owned private banks retain control of the remaining 37 percent of deposits and 43 percent of loans. As of January 1, 2001, the Bank of Greece, the Central Bank, is a member of the Eurosystem and implements the single monetary policy in Greece. The Eurosystem comprises the European Central Bank and the national central banks of the member States of the European Union that have adopted the euro. The Bank of Greece also acts as the depository for government accounts. It also supervises the commercial banks and other financial institutions and approves the establishment of a foreign bank in Greece.

4.6.2

Foreign Exchange Control Risks

Greece’s foreign exchange market conforms with EU rules on the free movement of capital. Some controls still exist to facilitate the enforcement of money laundering laws and tax collection. As of January 1, 2001, Greece has been part of the Eurozone. As of March 1, 2002 all transactions are conducted in euros.

4.6.3

General Financing Availability

Greek capital markets allocate credit on market terms, and while a sound business may have no problem with financing availability, interest rates are high, ranging from 6 to 17 percent. Banks constitute the main source of financing. The bond market has been developing steadily. The Greek Government introduced legislation to encourage the development of a venture capital market. Capital-market growth has been hampered by the predominance of small, family-owned firms, which tend either to invest in real estate and government bonds or to hold savings in bank deposits. Checks are predominately used for commercial transactions. Credit cards are widely available, but not as frequently used for retail transactions as in other EU markets. Most of the liabilities of the commercial banks are in the form of savings deposits. The majority of bank loans are short-and medium-term; only one-fifth of bank loans are long-term.

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Financing Export Strategies

No special terms govern export financing. Methods of payment are subject to individual agreements. Credit institutions may freely determine interest rates. The Bank of Greece no longer determines interest rates, as Greece is part of the Eurozone. EXIMBANK’s exposure in Greece is extremely limited. OPIC has not been very active in Greece but it signed in 1994 an agreement with its Greek counterpart (Greek Export Credit Insurance Organization) for the creation of a joint fund for risk insurance in the Balkans and Central and Eastern Europe.

4.6.5

U.S. Banks in Greece

Three U.S. banks have branches in Greece: Citibank (full range of banking services), American Express (lending services) and Bank of America (lending services).

4.7

TRAVEL RISKS

U.S. citizens may enter Greece with a valid U.S. passport and may stay for up to 3 months. No visas or other formalities are required. Should visitors wish to remain longer, they must submit an application to the immigration authorities at least 20 days before the end of the initial 3-month stay. Greek citizens are required to obtain a nonimmigrant visa in order to travel to the United States. Used personal effects of foreigners residing permanently abroad may be imported duty free. Included in the duty free allowance are up to 200 cigarettes, 50 cigars and one liter of liquor. One each of the following articles may also be brought in duty free, provided they are re-exported, that is, for the traveler’s personal use, and then taken out again upon departure, still and movie cameras, with suitable film; binoculars; portable radios; record players; typewriters, CD players and lap tops. Travelers must get special permission from Greek police authorities before bringing firearms and ammunition into the country. Flower bulbs, plants, and fresh fruit may not be brought into the country by travelers. Foreign currency in any amount can be imported freely. However, travelers carrying bank notes or personal checks (including travelers’ checks) exceeding the equivalent of 10,000 euros must declare it upon entry. The export of foreign exchange was liberalized in May 1994. Greek and foreign travelers, however, have to declare any amount exceeding the equivalent of 2,000 euros upon their departure. Greek residents need a certificate from the tax authorities confirming that they have no outstanding tax obligations in order to export foreign currency exceeding the equivalent of 10,000 Euros. Mailing Greek currency, foreign exchange, or checks abroad is forbidden. The Greek business community observes a long, uninterrupted hiatus beginning in late June, throughout July and August, and does not resume until after the Thessaloniki International Fair in September. Business appointments are impossible to obtain during this period, and even basic business information is difficult if not impossible to come by. No commitments or consideration of business proposals should be expected during this time. U.S. business visitors are advised to avoid Greece for business purposes during the period.

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Infrastructure for Conducting Business

Greek inland surface transportation is via road and railroad network. Main streets and highways are paved, while secondary roads are generally rough. Most roads are two-lane, except the parts of the National Road which have four lanes. The road network is considered to be good, and is being constantly expanded. The Athens Spata International Airport started operation on March 28, 2001. The length of the railroad network is 2,500 kilometers. Of this, 1,500 kilometers is of standard gauge and connects Greece with the former Yugoslavia Republic of Macedonia and Western Europe in the north, and with Turkey and the Middle East in the east. The remainder consists of narrow gauge tracks used for national routes. The bulk of Greek industry is located around 20 seaports. The largest ports are in Athens (Piraeus), Thessaloniki, and Patras. Patras and Igoumenitsa, a port in the northwest of Greece, became major gateways for ferrying road traffic between Greece and Italy, due to the war in Yugoslavia. Almost no direct passenger ship service is available between the U.S. and Greece. Cargo services from the United States are provided by American Export Lines, Farrell Lines, Prudential, and Sea Land Service on a regularly scheduled basis with port calls at Piraeus and Thessaloniki, and Patras. Seaborne cargo shipped from the East Coast of the United States reaches Greece in 11 or 12 days. Airline connections to Greece and to other points in Europe and the rest of the world are excellent. Athens is served by 50 airlines. American international air service to Greece is provided by Delta Airlines. Delta added a new direct flight from Atlanta to Athens in June 1999. Olympic Airways, the government-owned national carrier, no longer enjoys its full monopoly. Private Greek-owned companies can now operate non-regular, charter flights, (passenger and cargo), domestically and internationally. EU liberalization has also opened the Greek domestic market to EU carriers, though non-Greek airlines are still barred from serving the Greek islands. Greek telecommunications are being upgraded. Digital service and cellular telephony are available, providing direct telephone service to 88 countries. Modern and comfortable accommodations can be found in most areas that an American business traveler is likely to visit. Growing tourist travel makes advance hotel reservations advisable, particularly beginning in late spring and summer. Prices for accommodations compare favorably with those in other Western European countries. Athens has several general hospitals and clinics, including specialized pediatric and maternity hospitals. The level of care at these facilities is good, but the level of support care is considered only fair. Most hospitals, particularly private facilities, are equipped with modern diagnostic equipment and trained technicians. General hospitalization, emergency, and most routine surgery can be handled at local facilities. Athens has many English-speaking doctors and dentists trained in the U.S. or Western Europe, who practice in all specialized fields. Local restaurants and tavernas are safe and good places to eat, though the enforcement of regulations concerning the storage and sale of food is less strict than in the U.S. Local fruits and vegetables are excellent and do not require any special preparation beyond cleaning or cooking. Most types of meats can be procured locally and are safe. Pasteurized milk is safe for consumption. The water in cities throughout Greece is potable. Bottled water is recommended in small villages and the islands, as the water source may be limited and not well treated.

4.7.2

Country Data

Population: •

11.0 million

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Population growth rate: •

0.2 percent

Religion: •

Greek Orthodox: 95-97 percent

•

Muslim: 1.5 percent

Government system: •

Presidential Parliamentary Republic

Languages: •

Greek

Work Week: •

Monday - Friday

4.8 4.8.1

KEY CONTACTS Greek Government

Ministry of Agriculture Mr. Andreas Korakas Secretary General for Agricultural Policy & Int’l Relations 2 Aharnon Street GR-101 76 Athens Tel: [30] (210) 212-5586, 212-5584, 212-5596 Fax: [30] (210) 524-0955 E-mail: [email protected] Ministry of Culture Professor Costantinos Cartalis Secretary General for the Olympic Games 2004 7 Kifissias Avenue GR-115 23 Athens Tel: [30] (210) 649-7065, 649-7060 Fax: [30] (210) 649-6610 E-mail: [email protected] Ministry of Culture Ms. Lina Mendoni Secretary General for Culture 20 Bouboulinas Street GR-106 82 Athens Tel: [30] (210) 820-1645 Fax: [30] (210) 820-1379 E-mail: [email protected]

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Ministry of Defense Mr. Spyros Travlos Secretary General for Economic Planning and Defense Investments 227-231 Mesoghion Avenue GR-154 51 Holargos, Athens Tel: [30] (210) 659-8263, 659-8266 Fax: [30] (210) 654-8443 E-mail: [email protected] Ministry of Development Mrs. Mariliza Xenogiannakopoulou Secretary General for Commerce 20 Kaningos Street GR-101 81 Athens Tel: [30] (210) 380-8664, 380-0566 Fax: [30] (210) 380-3422 E-mail: [email protected] Ministry of Development Mr. George Agrafiotis Secretary General for Energy 80 Michalakopoulou Street GR-101 92 Athens Tel: [30] (210) 748-2762-4 Fax: [30] (210) 777-2485 E-mail: [email protected] Ministry of Development Mr. Dimitris Deniozos Secretary General for Research and Technology 14-18 Messoghion Avenue GR-115 10 Athens Tel: [30] (210) 775-3834 Fax: [30] (210) 775-3872 E-mail: [email protected] Ministry of Development Mr. Ioannis Kaloghirou Secretary General for Industry 80 Michalakopoulou Street GR-115 28 Athens Tel: [30] (210) 775-2904 Fax: [30] (210) 770-4898 E-mail: [email protected] Ministry of Economy and Finance Mr. Minas Stavrakakis Secretary General for International Economic Matters Ermou & 1 Kornarou Street GR-105 63 Athens Tel: [30] (210) 328-6012 Fax: [30] (210) 328-6017 E-mail: [email protected] www.icongrouponline.com

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Ministry of Economy and Finance Mr. George Zanias Secretary General of the Ministry of Economy and Finance 5 Nikis Street, Syntagma Square GR-101 80 Athens Tel: [30] (210) 333-2492 Fax: [30] (210) 333-2499 E-mail: [email protected] Ministry of Economy and Finance Mr. Costas Theos Secretary General for Investment & Development 5 Nikis Street, Syntagma Square GR-101 80 Athens Tel: [30] (210) 333-2402-6 Fax: [30] (210) 333-2449 E-mail: [email protected] Ministry of Economy and Finance Mr. George Kanelopoulos Secretary General for Finance 10 Karagiorgi Servias Street GR-101 84 Athens Tel: [30] (210) 323-8549 Fax: [30] (210) 322-4071 E-mail: [email protected] Ministry of Economy and Finance Dr. Ioannis Kousoulakos Secretary General for Fiscal Policy 37 Panepistimiou Street GR-101 65 Athens Tel: [30] (210) 333-8447 Fax: [30] (210) 323-9980 E-mail: [email protected] Ministry of Environment, Town Planning and Public Works Mr. Stavros Kambelis Secretary General for Environment 17 Amaliados Street GR-115 23 Ambelokipi, Athens Tel: [30] (210) 642-4910, 644-9291 Fax: [30] (210) 642-5300 E-mail: [email protected] Ministry of Environment, Town Planning and Public Works Mr. George Ganotis Secretary General for Self-Financed Projects 17 Amaliados Street GR-115 23 Ambelokipi, Athens Tel: [30] (210) 646-1898 Fax: [30] (210) 646-1617 E-mail: [email protected] www.icongrouponline.com

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Ministry of Environment, Town Planning and Public Works Mr. Panagiotis Vassiliou Secretary General for Public Works 182 Charilaou Trikoupi Street GR-101 78 Athens Tel: [30] (210) 642-6158, 641-0741 Fax: [30] (210) 642-6836 E-mail: [email protected] Ministry of Health and Welfare Mr. Charalambos Sofianos Secretary General for Health 17 Aristotelous Street GR-101 87 Athens Tel: [30] (210) 523-9710, 523-6878 Fax: [30] (210) 523-0529 E-mail: [email protected] Ministry of Health and Welfare Mrs. Maria Beldekou Secretary General for Welfare 17 Aristotelous Street GR-101 87 Athens Tel: [30] (210) 523-0839 Fax: [30] (210) 523-1329 E-mail: [email protected] Ministry of Merchant Marine Mr. Lambros Lambropoulos Secretary General 150 Grigoriou Lambraki Street GR-185 18 Piraeus Tel: [30] (210) 419-1242 Fax: [30] (210) 422-0774 E-mail: [email protected] Ministry of Merchant Marine Mr. Nikolaos Thomopoulos Secretary General for Ports 102 Praxitelous Street GR 185 35 Piraeus Tel: [30] (210) 419-1512, 422-0540 Fax: [30] (210) 417-6067 E-mail: [email protected] Ministry of Public Order Mr. Dimitrios Efstathiadis Secretary General 4 Kanellopoulou Street GR-101 77 Athens Tel: [30] (210) 691-9695, 692-9430 Fax: [30] (210) 691-5388 E-mail: N/A www.icongrouponline.com

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Ministry of Transport & Communications Prof. Ioannis Constantinidis Secretary General for Transport 2 Anastaseos & Tsigande Street GR-101 91 Papagos, Athens Tel: [30] (210) 650-8765 Fax: [30] (210) 650-8097 E-mail: [email protected] Ministry of Transport & Communications Mr. Panagiotis E. Poulis Secretary General for Communications 2 Anastaseos & Tsigande Street GR-101 91 Papagos, Athens Tel: [30] (210) 650-8891 Fax: [30] (210) 650-8023 E-mail: [email protected] Supreme Chemical Laboratory Dr. Assimina Papathanasiou Director, Food SectionGeneral Manager 16 Anastasiou Tsoha Street GR-115 21 Athens Tel: [30] (210) 647-9000 Fax: [30] (210) 646-6229 E-mail: [email protected] Hellenic Civil Aviation Authority (HCAA) Mr. Athanassios Tzoganis Governor 1 Vassileos Georgiou Street GR-166 10 Glyfada, Athens Tel: [30] (210) 894-4263, 894-4243 Fax: [30] (210) 894-4279 E-mail: [email protected] Public Power Corporation (PPC) Mr. Dimitrios Papoulias President 30 Chalkokondyli Street GR-104 32 Athens Tel: [30] (210) 523-1508 Fax: [30] (210) 523-9906 E-mail: [email protected], [email protected] Hellenic Center for Investment (ELKE) Dr. Stratos Papadimitriou Chairman of the Board 3 Mitropoleos Street GR-105 57, Athens Tel: [30] (210) 324-2070 Fax: [30] (210) 324-2079 E-mail: [email protected] www.icongrouponline.com

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Hellenic Petroleum (ELPE S.A.) Mr. George Moraitis President 17th km Athinon-Corinthou GR-193 00 Aspropyrgos Tel: [30] (210) 553-3000 Fax: [30] (210) 553-9289 E-mail: [email protected] Public Gas Corporation (D.E.P.A.) Mr. Dimitrios Sotirlis Managing Director 207 Messogion Avenue GR-115 25 Neo Pyschiko, Athens Tel: [30] (210) 679-3500 Fax: [30] (210) 674-9504 E-mail: [email protected] Hellenic Telecommunications Organization (OTE) Mr. Lefteris Antonakopoulos Chairman & Managing Director OTE Building 99 Kifissias Avenue GR-151 81 Amaroussion, Athens Tel: [30] (210) 611-5161 Fax: [30] (210) 611-8455 E-mail: [email protected] Dimokritos National Research Center Professor Dionyssios S. Ithakissios President EKEFE Dimokritos GR-153 10 Aghia Paraskevi, Athens Tel: [30] (210) 651-3021 Fax: [30] (210) 651-0594 E-mail: [email protected] Hellenic Railways Organization (OSE) Professor Andreas Lambrinopoulos President 1 Karolou Street GR-104 37 Athens Tel: [30] (210) 524-2205, 524-8710 Fax: [30] (210) 524-2119 E-mail: [email protected]

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Piraeus Port Authority (OLP) Mr. Sotiris Theofanis President and CEO 10 Akti Miaouli Street GR-185 38 Piraeus Tel: [30] (210) 452-0912-9 Fax: [30] (210) 428-0050 E-mail: [email protected] Thessaloniki Port Authority (OLTH) Mr. Apostolos Genitsaris President P.O. Box 10467 GR-541 10 Thessaloniki Tel: [30] (2310) 593-180-1 Fax: [30] (2310) 593-197 E-mail: [email protected] DEPANOM (Greek government agency within the Ministry of Health, responsible for the development of new state hospitals, and the upgrade or expansion of current state hospitals) Mr. Dimitris Sarafoglou President 120 Vasilissis Sophias Avenue GR-115 26 Athens Tel: [30] (210) 775-0240 Fax: [30] (210) 779-9944 E-mail: [email protected] Institute of Social Insurance (IKA) Mr. Nektarios Miltiades Governor 8 Aghiou Constantinou Street GR-104 31 Athens Tel: [30] (210) 524-9397, 522-4861 Fax: [30] (210) 522-9180 E-mail: [email protected] Hellenic Industrial Development Bank (ETVA) Mr. Iakovos Georganas Governor 87 Syngrou Avenue GR- 117 45 Athens Tel: [30] (210) 929-4972, 924-1780 Fax: [30] (210) 924-1773 E-mail: [email protected]

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Hellenic Radio-Television (ET-1) Mr. Angelos Stangos President 432 Messoghion Avenue GR-153 42 Athens Tel: [30] (210) 606-6000, 779-7776 Fax: [30] (210) 600-9325 E-mail: [email protected] New Greek Television (NET) Mr. Angelos Stangos President 432 Messoghion Avenue GR-153 42 Aghia Paraskevi, Athens Tel: [30] (210) 606-6000 Fax: [30] (210) 608-0823 E-mail: [email protected] Hellenic Air Force General Staff Colonel Ilias Ritsoudis Director Procurement Office 40 Dimitriou Soutsou Street GR-115 21 Athens Tel: [30] (210) 644-4650 Fax: [30] (210) 644-7738 E-mail: N/A Greek Standards Organization (ELOT) Mr. Zaharias Mavroukas Managing Director 313 Aharnon Street GR-111 45 Athens Tel: [30] (210) 212-0418, 212-0420 Fax: [30] (210) 228-3034 E-mail: [email protected] The National Pharmaceutical Organization (EOF) Professor Mihael Maragoudakis President 284 Messoghion Avenue GR-155 62 Halandri, Athens Tel: [30] (210) 650-7210 Fax: [30] (210) 654-9586 E-mail: [email protected]

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183

Trade and Industry Associations

American-Hellenic Chamber of Commerce Mr. Alexandros Lamnidis Executive Director Politia Business Center 109-111 Messoghion Street GR-115 26 Athens Tel: [30] (210) 699-3559 Fax: [30] (210) 698.5686-7 E-mail: [email protected] American-Hellenic Chamber of Commerce (Thessaloniki) Mr. Argyris Argyropoulos Director 47 Vasileos Irakleiou Street GR-546 23 Thessaloniki Tel: [30] (2310) 286-453 Fax: [30] (2310) 225-162 E-mail: [email protected] The Propelller Club of the United States Mr. John Veymos Executive Director 6 Sinopis Street GR-115 27 Athens Tel: [30] (210) 748-5209 Fax: [30] (210) 748-8721 E-mail: [email protected] Association of Pharmaceutical Companies of Greece (SFEE) Mr. Leonidas Crassaris President 30 Vas. Georgiou & Mikras Asias Streets GR-152 33 Halandri, Athens Tel: [30] (210) 689-1101 Fax: [30] (210) 689-1060 E-mail: [email protected] Athens Association of Commercial Agents Mr. Paul Yiannacopoulos President 15 Voulis Street GR-105 63 Athens Tel: [30] (210) 323-2622 Fax: [30] (210) 323-8378 E-mail: [email protected]

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Athens Chamber of Commerce and Industry Mr. Drakoulis Foudoukakos President 7 Academias Street GR-106 71 Athens Tel: [30] (210) 362-4280 Fax: [30] (210) 364-5803 E-mail: [email protected] Federation of Greek Food Industries (SEVT) Mr. Dimitrios Daskalopoulos President 69 Ethnikis Antistaseos & 2 Eptanisou Streets GR-152 31 Halandri, Athens Tel: [30] (210) 671-1177, 672-3215 Fax: [30] (210) 671-1080 E-mail: [email protected] Federation of Greek Industries (SEV) Mr. Odysseas Kyriacopoulos President 373 Konstantinoupoleos Avenue & Ag. Meletiou GR-104 43 Athens Tel: [30] (210) 323-7083 Fax: [30] (210) 322-2929 E-mail: [email protected] Hellenic Central Union of Chambers of Commerce and Industry Mr. George Kassimatis President 7 Academias Street GR-106 71, Athens Tel: [30] (210) 363-2702, 362-5630, 338-7104-5-6 Fax: [30] (210) 362-2320 E-mail: [email protected] Pharmaceutical Research and Manufacturers of American (PHARMA) Dr. Leonidas Crassaris President 2 Aftocratoros Nikolaou Street GR-176 71 Kallithea, Athens Tel: [30] (210) 900-1605 Fax: [30] (210) 924-9129 E-mail: [email protected] Piraeus Chamber of Commerce and Industry Mr. George Kassimatis President 1 Loudovikou Street, Rousvelt Square GR-185 31 Piraeus Tel: [30] (210) 417-7241, 417-9480 Fax: [30] (210) 417-8680, 427-4084 E-mail: [email protected] www.icongrouponline.com

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Technical Chamber of Greece (TEE) Mr. Constantinos Panagiotopoulos President 4 Karagiorgi Servias Street GR-102 48, Athens Tel: [30] (210) 329-1200 Fax: [30] (210) 322-2504 E-mail: [email protected] Thessaloniki Chamber of Commerce and Industry Mr. Dimitris Bakatselos President 29 Tsimiski Street GR-546 24, Thessaloniki Tel: [30] (310) 275-341, 276-016, 220-920 Fax: [30] (310) 230-237, 279-026 E-mail: [email protected] Union of Greek Shipowners Mr. John Lyras President 85 Akti Miaouli Street GR-185 38, Pireaus Tel: [30] (210) 429-1159 Fax: [30] (210) 429-0107, 429-1166 E-mail: [email protected]

4.8.3

Market Research Firms

A.C. Nielsen Hellas Ltd. Mrs. George Glykos General Manager 2 Charokopou Street & 196 Syngrou Avenue GR-176 71 Kallithea, Athens Tel: [30] (210) 950-0300 Fax: [30] (210) 959-8294 E-mail: [email protected] Deloitte & Touche S.A. Mr. Michael Hadjipavlou Managing Director 250-254 Kifissias Avenue GR-152 31, Halandri Tel: [30] (210) 678-1100 Fax: [30] (210) 677-6190 E-mail: [email protected]

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Delos S.A. Mr. Costis Stambolis Director 3 Alexandrou Soutsou Street GR-106 71, Athens Tel: [30] (210) 362-8457 Fax: [30] (210) 364-6144 E-mail: [email protected] Ernst & Young (Hellas) S.A. Mr. Christos Glavanis Managing Director 3-5 Ilission Street GR-115 28, Athens Tel: [30] (210) 748-8610 Fax: [30] (210) 772-7815 E-mail: [email protected] ICAP Hellas S.A. Mr. Dimitrios Maniatakis Managing Director 64 Vas. Sophias Avenue GR-115 28, Athens Tel: [30] (210) 720-0000 Fax: [30] (210) 722-0815 E-mail: [email protected] Kantor S.A. Mr. Costas Mitropoulos President 4 Vasilissis Sophias Avenue GR-106 71, Athens Tel: [30] (210) 729-7500 Fax: [30] (210) 724-9528 E-mail: [email protected] KPMG Certified Auditors Kyriacou Mr. Marios Kyriacou President 3 Stratigou Tombra Street GR-153 42 Agia Paraskevi, Athens Tel: [30] (210) 606-2100-10 Fax: [30] (210) 606-2111 E-mail: [email protected] LDK S.A. Mr. Leonidas Damianides Managing Director 21 Parodos Thivaúdos Street GR-145 64 Kifissia, Athens Tel: [30] (210) 819-6700 Fax: [30] (210) 819-6709 E-mail: [email protected] www.icongrouponline.com

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Market Analysis Mr. Antony May General Director 190 Ymitou Street GR-116 36, Athens Tel: [30] (210) 726-4704, 756-4688, 756-4689 Fax: [30] (210) 701-9355, 726-1081 E-mail: [email protected] Marketing Research Center Hellas Ltd. (KEME) Mr. Andreas Zahariou Managing Director 24 Ippodamou Street GR-116 35, Athens Tel: [30] (210) 701-8082, 701-6965, 701-1373 Fax: [30] (210) 701-7837 E-mail: [email protected] MRB Hellas Mr. Dimitrios Mavros Managing Director 74 Panormou Street GR-115 23, Athens Tel: [30] (210) 697-1000 Fax: [30] (210) 698-5813 E-mail: [email protected] Price Waterhouse Coopers / Price Waterhouse Business Solutions Mr. Christos Siatis President 268 Kifissias Avenue GR-152 32 Halandri, Athens Tel: [30] (210) 687-4400 Fax: [30] (210) 687-4444 E-mail: [email protected] Research International Hellas S.A. Mrs. Nicki Eleni Lambropoulou President 8-12 Halkidonos Street GR-115 27, Athens Tel: [30] (210) 775-3001-2 Fax: [30] (210) 779-5886 E-mail: [email protected] Trek Ltd. Mr. Thomas Papapolizos President 125-127 Kifissias Avenue GR-115 24, Athens Tel: [30] (210) 699-6157, 699-6411 Fax: [30] (210) 699-5450 E-mail: [email protected]

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188

National Dailies and Business Magazines

4 Wheels (Monthly automotive magazine) Published by Technical Press 2-4 Ilioupoleos & Saranta Eklission Streets GR-172 37, Imitos Tel: [30] (210) 979-2500 Fax: [30] (210) 979-2528 E-mail: [email protected] Amyntika Themata (Defense Matters) (Greek monthly military review) Published by Nemesis S.A. 10 Panepistimiou Street GR-106 71, Athens Tel: [30] (210) 258-4000 Fax: [30] (210) 258-4047 E-mail: [email protected] Business and Tourism (Monthly magazine) Published by Naftemporiki Newspaper 205 Lenorman Street GR-104 42, Athens Tel: [30] (210) 519-8000 Fax: [30] (210) 513-9905 E-mail: [email protected] Business Partners (Bi-monthly business magazine) Published by the American-Hellenic Chamber of Commerce Mr. Raymond Matera, Editor Politia Business Center 109-111 Messogion Avenue GR-115 26, Athens Tel: [30] (210) 699-3559 Fax: [30] (210) 698-5686-7 E-mail: [email protected] Economic and Industrial Review (Monthly financial and trade magazine) Kerkyra Publications Ltd. 6-8 Vlahava Street GR-105 51, Athens Tel: [30] (210) 331-4714 Fax: [30] (210) 325-2283 E-mail: [email protected] Economikos Tachidromos (Weekly financial magazine) Published by Lambrakis Press Mr. Stavros Psicharis, Publisher 3 Christou Lada Street GR-102 37, Athens Tel: [30] (210) 333-3555 Fax: [30] (210) 323-8740 E-mail: [email protected] www.icongrouponline.com

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ELNAVI Monthly Shipping Review (Monthly maritime magazine) Published by Millennium Elnavi Ltd. 62 Iroon Polytechniou Street GR-185 35, Piraeus Tel: [30] (210) 452-2100 Fax: [30] (210) 428-2467 E-mail: [email protected] Ependytis (Weekly financial newspaper) Published by Clever Hellas Ltd. Mr. Nikos Felekis, Director 58 Katehaki Street GR-115 25, Athens Tel: [30] (210) 678-0400 Fax: [30] (210) 678-0430 E-mail: [email protected] Ergotaxiaka Themata (Monthly magazine on construction and building products) Published by Technoekdotiki S.A. 3 Pentelis Avenue & Pileos Streets GR-152 35, Vrilissia Tel: [30] (210) 680-0470 Fax: [30] (210) 680-0476 E-mail: [email protected] Express (Daily financial newspaper) Mr. Aristides Zevgitis, Chief Editor 39 Amaroussiou Halandriou Street GR-151 25 Maroussi, Athens Tel: [30] (210) 619-9400 Fax: [30] (210) 619-9422-1 E-mail: [email protected] Franchise Business (Quarterly magazine) Published by META Management Services “Vergina” Commercial Center 53 Ag. Ioannou Street GR-153 42, Ag. Paraskevi Tel: [30] (210) 600-0635 Fax: [30] (210) 608-4834 E-mail: [email protected] Franchise Success (Quarterly magazine) Published by TFC Ltd. 84A Ethnikis Antistaseos GR-152 31, Halandri Tel: [30] (210) 675-6200 Fax: [30] (210) 675-2864 E-mail: [email protected]

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Hellenic Association of Pharmaceutical Companies (Monthly) Published by the Hellenic Association of Pharmaceutical Companies 30 Vasileos Georgiou Avenue & Mikras Asias Street GR-152 33, Halandri Tel: [30] (210) 689-1101 Fax: [30] (210) 689-1060 E-mail: [email protected] Kathimerini (Daily newspaper) Mr. Antonis Karakousis, Director 2 Ethnarhou Makariou & Dimitriou Falireous Streets GR-185 47 Neo Faliro, Athens Tel: [30] (210) 480-8000 Fax: [30] (210) 480-8055 E-mail: [email protected] Kefaleo (Monthly financial and business magazine) Published by Attika Publishing Mr. Theocharis Fillipopoulos, President & Managing Director 40 Kifissias Street GR-151 25 Amaroussion, Athens Tel: [30] (210) 619-9080 Fax: [30] (210) 610-7741 E-mail: [email protected] Kerdos (Daily financial newspaper) Mr. Vassilis Valamvanos, General Director and Publisher 178 Kifissias Avenue GR-152 31 Halandri, Athens Tel: [30] (210) 674-3384-7 Fax: [30] (210) 674-2003 E-mail: [email protected] Money and Tourism (Monthly magazine) Published by Kappa Sigma Delta S.A. 24 Peston Street GR-113 62, Athens Tel: [30] (210) 825-4084 Fax: [30] (210) 825-2229 E-mail: [email protected] Naftiliaki (Shipping magazine published three times a year) Published by Diorama Publishers Ltd. 14 Skouze Street GR-185 36, Piraeus Tel: [30] (210) 428-2788 Fax: [30] (210) 428-3193 E-mail: [email protected]

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Peripolos (Patrol) (Monthly) Published by “Communications” S.A. 10 Messogion Avenue GR-115 27, Athens Tel: [30] (210) 748-9941 Fax: [30] (210) 748-8367 E-mail: [email protected] Stratigiki (Strategy) (Monthly) Published by “Communications” S.A. 10 Messogion Avenue GR-115 27, Athens Tel: [30] (210) 748-9941 Fax: [30] (210) 748-8367 E-mail: [email protected] Technica (Monthly Technical Magazine) Published by Kormos Ltd. 16 Solomou Street GR-106 83, Athens Tel: [30] (210) 383-6432 Fax: [30] (210) 381-3244 E-mail: [email protected] Technical Chamber of Greece Bulletin (Monthly) Published by the Technical Chamber of Greece 4 Karageorgi Servias Street GR-102 48, Athens Tel: [30] (210) 325-4590 Fax: [30] (210) 322-1772 E-mail: [email protected] Trofima kai Pota (Food and Beverages) (Monthly magazine) 110 Syngrou Avenue GR-117 41, Athens Tel. [30] (210) 924-0748 Fax: [30] (210) 921-9891, 924-2650 Contact: Mr. Alexandros Korovilas, Managing Director E-mail: [email protected] Troxoi kai TIR (Wheels and TIR) (Monthly commercial transportation magazine) Published by Emmanuel X. Agrimanakis 91 Ippokratous Street GR-106 80, Athens Tel: [30] (210) 360-9848, 360-2326 Fax: [30] (210) 360-8131 E-mail: www.troxoikaitir.gr

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SHIPPING International Monthly Review (Monthly magazine) Published by Letta Demopoulou-Makki 9 Sotiros Dios Street GR-185 35, Piraeus Tel: [30] (210) 422-6486 Fax: [30] (210) 422-6487 E-mail: [email protected]

4.8.5

Commercial Banks

Agricultural Bank of Greece Mr. Petros Lambrou Governor 23 Panepistimiou Street GR-102 21, Athens Tel: [30] (210) 329-8441, 329-8364 Fax: [30] (210) 329-8754 E-mail: [email protected] American Express Bank Ltd Mr. Gus Kostakis General Manager 31 Panepistimiou Street GR-102 26, Athens Tel: [30] (210) 322-8805 Fax: [30] (210) 323-0495 E-mail: N/A Bank of America Mr. Konstantinos Vousvounis General Manager 35 Panepistimiou Street GR-105 64, Athens Tel: [30] (210) 325-1900-1 Fax: [30] (210) 324-5637 E-mail: [email protected] Citibank NA Mr. Christos Sorotos General Manager 8 Othonos Street GR-105 57, Athens Tel: [30] (210) 329-2300, 329-2301 Fax: [30] (210) 324-2535 E-mail: [email protected]

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Commercial Bank of Greece Mr. Ioannis Stournaras Chairman and Managing Director 11 Sofokleous Street GR-102 35, Athens Tel: [30] (210) 324-4436 Fax: [30] (210) 324-3508 E-mail: [email protected] Alpha Bank Mr. Yannis Costopoulos President 40 Stadiou Street GR-102 52, Athens Tel: [30] (210) 326-0000 Fax: [30] (210) 326-5438 E-mail: [email protected] Eurobank-Ergasias Mr. Xenofon Nikitas President 8 Othonos Street GR-105 57, Athens Tel: [30] (210) 323-8904-5, 333-7896 Fax: [30] (210) 333-7110 E-mail: [email protected], [email protected] General Hellenic Bank Mr. Anthony Hassiontis President 109-111 Messoghion Street GR-115 26, Athens Tel: [30] (210) 697-5000 Fax: [30] (210) 697-5917 E-mail: [email protected] National Bank of Greece Mr. Theodore Karatzas Governor 86 Eolou Street GR-102 32, Athens Tel: [30] (210) 334-1002, 334-1001, 334-1010 Fax: [30] (210) 334-1003 E-mail: [email protected]

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194

U.S. Government Contacts

A list of bilingual attorneys specializing in commercial, corporate and tax law is available upon request from: The American Business Information Center Tel: [30] (210) 720-2329, 720-2334 Fax: [30] (210) 721-8660 Contact: Mrs. Heleni Gerali, Commercial Assistant E-mail: [email protected] The American Embassy in Athens is located at: 91 Vasilissis Sofias Avenue GR-101 60 Athens, Greece Tel: [30] (210) 721-2951 Fax: [30] (210) 645-6282 E-mail: [email protected] The mailing address from the United States is: U.S. Embassy Athens PSC #108, Box 30 APO AE 09842 Commercial Affairs Walter Hage Tel: [30] (210) 720-2303 Fax: [30] (210) 721-8660 E-mail: [email protected] Brad Harker Tel: [30] (210) 720-2303 Fax: [30] (210) 721-8660 E-mail: [email protected] Agricultural Affairs Stamatis Sekleziotis Tel: [30] (210) 720-2233 Fax: [30] (210) 721-5264 E-mail: [email protected] Danai Synodinou Tel: [30] (210) 720-2233 Fax: [30] (210) 721-5264 E-mail: [email protected] Economic Affairs John Stepanchuk Tel: [30] (210) 720-2312 Fax: [30] (210) 729-4312 E-mail: [email protected]

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The U.S. Consulate General in Thessaloniki is located at: Alex Maley, Consul General 43 Tsimiski, 7/F GR-546 22, Thessaloniki Tel: [30] (2310) 242-905 Fax: [30] (2310) 242-927 E-mail: [email protected] The mailing address from the United States is: U.S. Consulate General - Thessaloniki PSC #108, Box 37 APO AE 09842

U.S. Government Contacts in Washington D.C. U.S. Department of Commerce Mr. Jason Gomberg Greek Desk Officer MAC/EUR, Rm H3044 Washington, D.C. 20230 Tel: (202) 482-3945 Fax: (202) 482-2897 E-mail: [email protected] Trade Information Center (TIC) U.S. Department of Commerce Tel: 1-(800) USA-TRADE Fax: (202) 482-4473 E-mail: [email protected] Websites: www.usatrade.gov and www.ita.doc.gov The Advocacy Center U.S. Department of Commerce Room 3814A Washington, D.C. 20230 Tel: (202) 482-3896 Fax: (202) 482-3508 Website: www.ita.doc.gov/advocacy/question.html U.S. Department of State Mr. Jerry Howard Senior Country Officer for Greece EUR/SE, Rm 5511 2201 C Street N.W. Washington, D.C. 20520 Tel: (202) 647-6113 Fax: (202) 647-5087 E-mail: [email protected]

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U.S. Department of Agriculture Mr. Dan Berman Director USDA Ag Export Service Division 1400 Independence Avenue, S.W. Washington, D.C. 20250-1052 Tel: (202) 720-0159 Fax: (202) 690-0193 E-mail: [email protected], [email protected]

4.8.7

U.S.-Based Multipliers

Embassy of Greece Office of the Economic Commercial Minister Mr. Theodoros Hatzopoulos 2211 Massachusetts Avenue, N.W. Washington, D.C. 20008 Tel: (202) 332-2844/5 Fax: (202) 328-3105 E-mail: [email protected] Embassy of Greece Offices of the Military and Defense Attaches Colonel Panagiotis Grannopoulos 2228 Massachusetts Avenue, N.W. Washington, D.C. 20008 Tel: (202) 234-5695 Fax: (202) 232-2605 Greek Consulate General Trade Commission Alexander Mitrogogos, Senior Trade Commissioner 150 East 58th Street, Suite 1701, 17th Floor New York, New York 10022 Tel: (212) 751-2404, 5, 6 Fax: (212) 593-2278 E-mail: [email protected] Greek Consulate General Mr. Dimitris Platis, Consul General 69 East 79th Street New York, New York 10021 Tel: (212) 988-5500 Fax: (212) 734-8492

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Greek Consulate General Mr. Gabriel Coptsidis, Consul General 650 North St. Clair Street Chicago, Illinois 60611 Tel: (312) 335-3915, 335-3916, 335-3917 Fax: (312) 335-3958 E-mail: [email protected] Greek Consulate General Mr. Dimitrios Touloupas 2441 Gough Street San Francisco, California 94123 Tel: (415) 775-2102 Fax: (415) 776-6815 E-mail: [email protected] Greek Consulate General Mr. Konstantinos Bikas, Consul General 86 Beacon Street Boston, Massachusetts 02108-3304 Tel: (617) 523-0100 Fax: (617) 523-0511 E-mail: N/A Greek Consulate Mr. Phoevos Angeletos 520 Post Oak Boulevard, Suite #310 Houston, Texas 77027 Tel: (713) 840-7522 Fax: (713) 840-0614 E-mail: [email protected] Greek Consulate General Mr. Dimitrios Zevelakis, Consul General 11835 West Olympic Boulevard, Suite 405 Los Angeles, California 90064 Tel: (310) 914-3434 Fax: (310) 914-4577 E-mail: [email protected] Greek Consulate General Mr. Dimitrios Macrynicolas, Consul Tower Place, Suite 1670 3340 Peachtree Road, NE Atlanta, Georgia 30326 Tel: (404) 261-3391/3313 Fax: (404) 262-2798 E-mail: [email protected]

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Greek Consulate Mr. Theodor Economou-Kamarinos, Consul World Trade Center 2 Canal Street, Suite 2318 New Orleans, Louisiana 70130 Tel: (504) 523-1167 Fax: (504) 524-5610 Greek National Tourist Organization Mr. George Tambakis, Director Olympic Tower 645 Fifth Avenue, Suite 903 New York, New York 10022 Tel: (212) 421-5777 Fax: (212) 826-6940

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5 5.1

DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS DISCLAIMERS & SAFE HARBOR

Summary Disclaimer. This publication ("Report") does not constitute legal, valuation, tax, or financial consulting advice. Nor is it a statement on the performance, management capability or future potential (good or bad) of the company(ies), industry(ies), product(s), region(s), city(ies) or country(ies) discussed. It is offered as an information service to clients, associates, and academicians. Those interested in specific guidance for legal, strategic, and/or financial or accounting matters should seek competent professional assistance from their own advisors. Information was furnished to Icon Group International, Inc. ("Icon Group"), and its subsidiaries, by its internal researchers and/or extracted from public filings, or sources available within the public domain, including other information providers (e.g. EDGAR filings, national organizations and international organizations). Icon Group does not promise or warrant that we will obtain information from any particular independent source. Published regularly by Icon Group, this and similar reports provide analysis on cities, countries, industries, and/or foreign and domestic companies which may or may not be publicly traded. Icon Group reports are used by various companies and persons including consulting firms, investment officers, pension fund managers, registered representatives, and other financial service professionals. Any commentary, observations or discussion by Icon Group about a country, city, region, industry or company does not constitute a recommendation to buy or sell company shares or make investment decisions. Further, the financial condition or outlook for each industry, city, country, or company may change after the date of the publication, and Icon Group does not warrant, promise or represent that it will provide report users with notice of that change, nor will Icon Group promise updates on the information presented. Safe Harbor for Forward-Looking Statements. Icon Group reports, including the present report, make numerous forward-looking statements which should be treated as such. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995, and similar local laws. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's, city's, country's or industry's actual results or outlook in future periods to differ materially from those forecasted. These risks and uncertainties include, among other things, product price volatility, exchange rate volatility, regulation volatility, product demand volatility, data inaccuracies, computer- or software-generated calculation inaccuracies, market competition, changes in management style, changes in corporate strategy, and risks inherent in international and corporate operations. Forward-looking statements can be identified in statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate,'' "estimate," "expect,'' "project,'' "intend,'' "plan,'' "feel", "think", "hear," "guess," "forecast," "believe," and other words and terms of similar meaning in connection with any discussion of future operating, economic or financial performance. This equally applies to all statements relating to an industry, city, country, region, economic variable, or company financial situation. Icon Group recommends that the reader follow the advice of Nancy M. Smith, Director of SEC's Office of Investor Education and Assistance, who has been quoted to say, "Never, ever, make an investment based solely on what you read in an online newsletter or Internet bulletin board, especially if the investment involves a small, thinly-traded company that isn't well known … Assume that the information about these companies is not trustworthy unless you can prove otherwise through your own independent research." Similar recommendations apply to decisions relating to industry studies, product category studies, corporate strategies discussions and country evaluations. In the case of Icon Group reports, many factors can affect the actual outcome of the period discussed, including exchange rate volatility, changes in accounting standards, the lack of oversight or comparability in accounting standards, changes in economic conditions, changes in competition, changes in the global economy, changes in source data quality, changes in reported data quality, changes in methodology and similar factors. Information Accuracy. Although the statements in this report are derived from or based upon various information sources and/or econometric models that Icon Group believes to be reliable, we do not guarantee their accuracy, reliability, quality, and any such information, or resulting analyses, may be incomplete, rounded, inaccurate or condensed. All estimates included in this report are subject to change without notice. This report is for informational purposes only and is not intended as a recommendation to invest in a city, country, industry or product area, or an offer or solicitation with respect to the purchase or sale of a security, stock, or financial instrument. This report does not take into account the investment

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objectives, financial situation or particular needs of any particular person or legal entity. With respect to any specific company, city, country, region, or industry that might be discussed in this report, investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the information in this report. Investing in either U.S. or non-U.S. securities or markets entails inherent risks. In addition, exchange rate movements may have an effect on the reliability of the estimates provided in this report. Icon Group is not a registered Investment Adviser or a Broker/Dealer.

5.2

ICON GROUP INTERNATIONAL, INC. USER AGREEMENT PROVISIONS

Ownership. User agrees that Icon Group International, Inc. ("Icon Group") and its subsidiaries retain all rights, title and interests, including copyright and other proprietary rights, in this report and all material, including but not limited to text, images, and other multimedia data, provided or made available as part of this report ("Report"). Restrictions on Use. User agrees that it will not copy nor license, sell, transfer, make available or otherwise distribute the Report to any entity or person, except that User may (a) make available to its employees electronic copies of Report, (b) allow its employees to store, manipulate, and reformat Report, and (c) allow its employees to make paper copies of Report, provided that such electronic and paper copies are used solely internally and are not distributed to any third parties. In all cases the User agrees to fully inform and distribute to other internal users all discussions covering the methodology of this Report and the disclaimers and caveats associated with this Report. User shall use its best efforts to stop any unauthorized copying or distribution immediately after such unauthorized use becomes known. The provisions of this paragraph are for the benefit of Icon Group and its information resellers, each of which shall have the right to enforce its rights hereunder directly and on its own behalf. No Warranty. The Report is provided on an "AS IS" basis. ICON GROUP DISCLAIMS ANY AND ALL WARRANTIES, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, RELATING TO THIS AGREEMENT, PERFORMANCE UNDER THIS AGREEMENT, THE REPORT. Icon Group makes no warranties regarding the completeness, accuracy or availability of the Report. Limitation of Liability. In no event shall Icon Group, its employees or its agent, resellers and distributors be liable to User or any other person or entity for any direct, indirect, special, exemplary, punitive, or consequential damages, including lost profits, based on breach of warranty, contract, negligence, strict liability or otherwise, arising from the use of the report or under this Agreement or any performance under this Agreement, whether or not they or it had any knowledge, actual or constructive, that such damages might be incurred. Indemnification. User shall indemnify and hold harmless Icon Group and its resellers, distributors and information providers against any claim, damages, loss, liability or expense arising out of User's use of the Report in any way contrary to this Agreement. © Icon Group International, Inc., 2007. All rights reserved. Any unauthorized use, duplication or disclosure is prohibited by law and will result in prosecution. Text, graphics, and HTML or other computer code are protected by U.S. and International Copyright Laws, and may not be copied, reprinted, published, translated, hosted, or otherwise distributed by any means without explicit permission. Permission is granted to quote small portions of this report with proper attribution. Media quotations with source attributions are encouraged. Reporters requesting additional information or editorial comments should contact Icon Group via email at [email protected]. Sources: This report was prepared from a variety of sources including excerpts from documents and official reports or databases published by the World Bank, the U.S. Department of Commerce, the U.S. State Department, various national agencies, the International Monetary Fund, the Central Intelligence Agency, and Icon Group International, Inc.

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END

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