Consolidated profits before taxes of the S&B Industrial Minerals S.A Group of companies (BARr.AT) (ARBA GA) showed an increase of 2.2% in the fiscal year 2003 (from ?26.1 million in 2002 to 26.7 million euros in 2003) and, after the deduction of minority shares, the corresponding increase amounts to 2.4% (?25.8 million in 2003 versus 25.2 euros in 2002), while the EBITDA margin remained over 19% (19.1% in 2003 against 19.6% in 2002). The Group?s consolidated sales amounted to 289.6 million euros versus 291.3 euros in 2002.

In the industrial minerals sector, which represents three quarters of the S&B Group?s turnover, profits before taxes noted an increase of 3.4 % (from 21.4 million euros to 22.2 euros in 2003), while the EBITDA margin for this activity remained at 23%. Sales amounted to 218.3 million euros, compared to 224.2 million euros in 2002, marking a reduction of 2.7%. Sales of bentonite and perlite increased despite the weak US dollar, but sales of bauxite were reduced, due to the weak US dollar and other market conditions, thus affec ting the overall sales level.

In the sector of commercial activities (Motodynamics S.A and Ergotrak S.A), sales increased significantly, by 6.3%, reaching 71.3 million euros in 2003 versus 67.1 million euros in 2002. Profits before taxes marked a decrease of 3.3 % (4.5 million euros from 4.7 million euros in 2002), due to increased expenses related to the expansion of Motodynamics into a company-owned Retail Network, as well as to the geographic expansion of Ergotrak's activities, business initiatives expected to generate positive results in the future.

Commenting on the overall perfomance in 2003, the Chief Executive Officer of the Company, Mr. Efthimios Vidalis, stated that 'given the continued uncertainty in the international markets throughout the year 2003, the pressure on the operational profitability from the dollar decrease as well as the significant increase of shipping freight cost, we are satisfied from the overall financial results, which confirm the stable course of S&B and the confidence of our customers in the Company'.

Referring to 2004 and the prospects that emerge in the new year, Mr Vidalis stated: 'we hope that 2004, a landmark - year for the company, as it marks the 70th year in the Company's history and the 10th anniversary from its listing on the Athens Exchange, will signal a new phase of growth for S&B?s global presence'. It should be reminded that as of September 2003, 'S&B Industrial Minerals S.A ' is the new distinctive title of the former Silver & Baryte Ores Mining Co. S.A.