First Semester 2002 Financial Results of the Sarantis Group

PRESS RELEASE

The consolidated results of the Sarantis Group for the first semester of 2002 feature a sales and EBITDA increase of 19% and 20%, respectively, as compared to the same period of the previous year.

Profits before taxes and minority interest increased by 1.5%, while profits after minority interest were reduced by 12.4% compared with 2001, since the results of this year’s first semester include the minority rights of Estee Lauder International on the profits, a figure that was non-existent in the respective period of 2001.

In particular, the Group’s turnover reached Euro 106.9 million in the first semester of 2002, as compared to Euro 89.8 million for the same period of 2001. EBITDA reached Euro 16.76 million, as compared to Euro 13.94 million for the first semester of 2001, leading to a rate of 15.7% for 2002, as compared to 15.5% for 2001.

Profits before taxes and minority interest reached Euro 7.96 million in 2002, as compared to Euro 7.83 million in 2001, while after deducting minority interest, the Group’s profits decreased to Euro 6.4 million, from Euro 7.3 million in 2001.

The Polish company Pack Plast, whose acquisition was completed last April, is included, for the first time, in the above consolidated results. Pack Plast registers a loss of Euro 1.4 million, most of which comprises a one-off loss resulting from the company’s reorganisation plan. Since July, Pack Plast has become profitable in operating terms, and by the end of the year is expected to cover in full the first semester’s losses.

It is worth noting that all other activities of the Sarantis Group continue their positive courses in Greece and in the main Eastern European markets, without any substantial deviation from the management’s expectations.

Sarantis’ management will announce the final estimates for the entire 2002, by late September.