Financial Results - 1st Quarter 2001

PRESS RELEASE

The consolidated sales of the Sarantis Group for the first quarter of 2001 have increased by 26%, as compared to the relevant period of the year 2000. More specifically, Sarantis’ turnover for the period January-March 2001, amounted to GRD 13,7 billion, as compared to GRD 10,8 billion for the same period of the year 2000.

This increase is due to the intensification of the Group’s activities in the cosmetics field, including the activities of ZETA SA, while the results of the Group in Eastern Europe showed an equally positive tendency.

At the same time, Sarantis shows a 21% decrease of results before taxes. More specifically, profits for the first quarter of 2001 amounted to GRD 959 million, as compared to GRD 1,2 billion for the relevant period of the year 2000. The main cause of this decrease of the Group’s net profit is the substantial difference that appears in the financial expenses account, which shows a negative balance of GRD 642 million for the first quarter of 2001, while for the same period of the year 2000 it showed a positive balance of GRD 688 million. The results for the first quarter are in line with Sarantis’ expectations for the entire 2001, according to which turnover is expected to reach GRD 70 billion (increased by 18% as compared to the year 2000) and profits to GRD 5,4 billion (increased by 13% as compared to the year 2000).

In the context of the announcements of Sarantis’ management about the formation of new partnerships, the Sarantis’ Group has signed an agreement with Boots Healthcare International, concerning the distribution of the Clearasil products. According to this agreement, Sarantis becomes the sole representative of the Clearasil products in Greece.

The Clearasil products command leading market shares in the field of acne prevention and treatment and are distributed in 50 countries. A few months ago Boots took over the Clearasil products from Procter & Gamble.