9-MONTHS 2002 PERIOD RESULTS FOR SARANTIS GROUP

Increase in results both in terms of sales volume and net pre-tax earnings is disclosed in the consolidated balance sheet of Sarantis Group. 

Specifically, the consolidated turnover of Sarantis reached a total of Euro 153.9 million, showing an increase by 17% with respect to 2001 and the net pre-tax earnings reached a total of Euro 10.1 million, showing an increase by 14% with respect to the respective 9-month period in 2001.

Regarding prior to  taxes interests and depreciation (EBITDA), Sarantis reached Euro 23.1 million or 18% more than the respective period in 2001. It is worth while at this point to indicate that the 9-month period results comprise the losses of Pack Plast Poland corporation reaching approx. Euro 800 thousand. 

With respect to the consolidated results of the semester, the respective amount was Euro 1.4 million, fact evidencing the constant improvement of Pack Plast performance as of assumption of its management by Sarantis. 

The above results are evaluated as particularly positive, especially under the overall uncertainty circumstances prevailing in Europe and significantly affecting consumption level in the field of the Group’s business activity. 

As for the entire 2002, the Group anticipates a total turnover of Euro 218 million, with respect to Euro 181 million realised in 2001, namely an increase by 18%. Net earnings after taxes and rights are anticipated to exceed Euro 8 million with respect to Euro 7.7 million in 2001, showing an increase by 5 – 10%. 

The above forecasts reflect the principal trends in the consumer goods sector in the field of Sarantis Group business activity, since sales growth in the domestic market presents one-digit rates, while development rates in Eastern Europe exceed 20% in average. 

At the same time, Sarantis Group carries on with the implementation of a set of strategies aiming to restrict Group’s operating cost, including volume of borrowing, while in terms of investments the aggressive policy of Group’s expansion in Eastern Europe is in full progress. These trends are expected to continue also in 2003.