Group: Profit +55.9%, turnover +30.9%
Parent company: Profit +69.6%, turnover +58.3%.

Michaniki SA is pleased to report continuing growth in earnings and turnover, both at a group and parent company level, in the first nine months of 2003, based on its financial statements on September 30th.

Group pretax profit after minorities grew 55.9% to 14.41 million euros from 9.24 million euros in the same period last year. Group operating profit rose 65.8% to reach 16.11 million euros versus 9.72 million in the first nine months of 2002. Group turnover rose 30.9% to 113.17 million euros from 86.47 million in the same period in 2002.

At a parent company level, Michaniki SA pretax profit grew 69.6% to 10.84 million euros in the January to September period, from 6.39 million euros in 2002. Operating profit rose 105.9% to 13.11 million euros from 6.37 million in the same period last year. Michaniki's turnover increased by 58.3% to reach 80.53 million euros from 50.88 million in the nine-month period in 2002.

The contribution of construction activities to group financial results increased as a result of Michaniki's stronger presence in Olympics 2004 related projects, public infrastructure works as well as private sector residential and commercial real estate development. Prospects continue to look favorable.

Currently, Michaniki SA is taking part in more than 20 large-scale construction projects, six of which are related to the Athens 2004 Olympic Games.

The group's order book of signed construction projects exceeds 300 million euros. Michaniki SA and its wholly-owned subsidiary Tholos SA have submitted bids on the following tenders and are awaiting the final award decisions:
--Construction of cargo facility at N. Ikonio Budget: 35.0 million euros
--Construction of Valsamioti dam Budget: 23.9 million
--Works at Xiria river Budget: 32.6 million
--Roadworks at Skarfia-Lamia-Rahes Budget: 93.0 million
--Agrinio detour Budget: 100.0 million --Bridge construction at Axios river Budget: 9.3 million
--Detour of Arta-Filippiada (II) Budget: 37.0 million
--Roadworks at Lagada road, Thessaloniki Budget: 17.4 million
--Pella Museum Budget: 11.1 million
--National Archaeological Museum Budget: 23.1 million
--Flood-prevention works at Vari-Koropi Budget: 9.5 million

Michaniki SA also participates with a 12.5% stake in the joint venture "Οmilos Odopoiisis: MOTA-Engil, MOTA & Companhia, Engil Sociedade, Acciona, Necso Entrcanales Cubiertas, Banco Espirito Santo, Michaniki, Themeliodomi". The joint venture has been shortlisted in the final phase of three major BOT highway construction tenders:
--PATHE autoroute, section Maliakos-Kleidi
--PATHE autoroute, section Elefsis-Corinth-Patras
--PATHE autoroute, section Corinth-Tripolis-Kalamata

In the energy sector Michaniki SA has been granted a licence to build a 93MW hydroelectric plant at river Aracthos in Arta with an annual power output capacity of 320 GWh, an investment of 147 million euros.

As regards real estate development abroad and following the successful course of its investments in Odessa, Michaniki SA has begun a second investment programme in the Ukraine. The company has acquired four strategically located land plots in the country's capital Kiev and plans to develop them for residential and commercial usage. The investment will secure sustained revenues from one of eastern Europe's fast-growing markets.