RESULTS FOR SARANTIS GROUP FOR THE YEAR 2003

The results of the Sarantis Group for 2003 surpassed all forecasts, registering increases in all figures.

More specifically, the consolidated sales of Sarantis reached the amount of 232.2 million euros, recording an increase of 5.9% compared to 2002.

The pre-tax, pre-interest and pre-amortisation earnings (EBITDA) reached the percentage of 16.7% of the turn over, compared to 15.5% recorded in the previous financial year.

The pre-tax earnings of the same period reached the amount of 22.2 million euros compared to 18.1 million euros in 2002, increased by 22.6%.

Finally, the earning of the Group after the minority rights, reached the amount of 15,0 million euros in 2003, increased by 25% compared to the 12,0 million euros of the year 2002.

The main factors that lead to these positive results for 2003 can be limited down to the following:

• Very satisfying sales course for the Group during the last two months of 2003 in the Greek market, especially in the sector of expensive cosmetics.

• Very fast growth rates in the markets of Eastern Europe. This growth managed to overcome the negative influence that resulted from the great appreciation of the euro.

• Finally, in the growth of the profitability of Sarantis for 2003, contributed up to a large extent the efforts of the company’s management to limit down the operation costs, via merges and also the significant increase of the mixed profit margin that reached the percentage of 53.5% in 2003 compared to that of 50.3% in 2002.

The above mentioned trends are expected to continue in the year 2004, when in addition to all the previous factors a great reduction in the financial expenses of the Group as a consequence of the decrease in loaning is expected to occur.

Subsequently, it is anticipated that in 2004, all the figures of the Group in Greece and Eastern Europe will increase. The definite forecasts for the present financial year shall be announced from the Management of Sarantis at the end of March 2004.