3rd Quarter Results of the Sarantis Group

PRESS RELEASE

The consolidated sales of the Sarantis Group for the period January-September 2001 have increased by 29%, as compared to the relevant period of the year 2000. Earnings before taxes, interest, depreciation and amortisation (EBITDA) for the same period increased by 26%.

More specifically, the Group’s turnover for first three quarters of 2001, amounted to GRD 44.9 billion, as compared to GRD 34.8 billion for the same period of the year 2000. Earnings before taxes, interest, depreciation and amortisation (EBITDA) increased by GRD 1.39 billion, to GRD 6.669 billion, as compared to GRD 5.279 billion for the same period of the year 2000. Earnings before taxes for the same period amounted to GRD billion, as compared to GRD 3.036 billion for the first nine months of the year 2000.

At the same time, the parent company’s turnover and earnings before taxes reached GRD 22.2 billion and GRD 2.124 billion respectively for the first nine months of 2001, as compared to sales of GRD 21.5 billion and earnings of GRD 1.490 billion for the same period of the year 2000; that is, sales increased by 3% and earnings before taxes increased by 42%.

On a consolidated basis, it is worth noting the improvement of the Group’s gross profit margin, which reached 53.2% of sales for the year 2001, as compared to 43.0% of sales for the year 2000.

Sarantis’ management attributes the growth of the Group’s figures to the consistency of its strategy both in Greece, and in South-eastern Europe, while at the same time it foresees that the Group’s growth will also continue at the same rate during 2002. More specifically, it is expected that the growth of the Group’s operational performance will accelerate, as the plan concerning the restructuring of the Group’s activities, aimed to cut down expenses and focus on the most profitable sectors in Greece and South-eastern Europe, is showing significant progress.