SARANTIS GROUP DELAYS THE PUPLICATION OF THE FIRST QUARTER 2005 FINANCIAL RESULTS

ANNOUNCEMENT 

Sarantis Group delays the publication of the first quarter 2005 financial results due to changes in the consolidation method of the Joint Venture with Estee Lauder International.

As it was announced by the Sarantis Group Management, the first quarter 2005 financial results will be released on the 16/6/2005, instead of the 30/5/2005 as it was initially stated. Moreover, the company will hold a conference call at the same date (16/6/2005) at 17:00 Athens Time in order to discuss the 1st quarter 2005 financial results. 

The delay is due to purely technical reasons and relates to the method used for the consolidation of the joint venture with Estee Lauder International. Up until now, the Group’s practice was to consolidate the Estee Lauder Joint Venture according to the full consolidation method. Following the recommendations of the company’s International Auditors, Sarantis management decided that from 2005 onwards, the consolidation of the financial results of the Estee Lauder Joint Venture will be presented according to the equity method. 

The above changes do not affect management’s guidance for the first quarter 2005 results. More specifically, net sales are expected to grow more than 10% versus the first quarter of 2004, while a higher growth rate is expected in the consolidated net profits after taxes & minorities. SARANTIS GROUP DELAYS THE PUPLICATION OF THE FIRST QUARTER 2005 FINANCIAL RESULTS (75.1KB)