ELBISCO HOLDING S.A. recorded a significant improvement in its nine-month 2005 results both on a Company and Consolidated level, based on the 3rd quarter financial statements that were reported in accordance with IFRS (International Financial Reporting Standards).

More specifically, Earnings Before Taxes, Financial and Investment Income for the Company increased by 54.2% for the nine-months of 2005 and reached 1,164 thous. Euros versus 755 thous. Euros for the same period last year. Additionally. the Company has successfully reversed during the current period the losses of the previous period. In detail, Earnings After Taxation for the Company stood at 45 thous. Euros against a loss of -1,571 thous. Euros for the respective period in 2004.

On a consolidated level, Gross Profit for ELBISCO Group recorded an increase of 3.8% mainly due to a rise in productivity of the production facilities as well as the different sales mix for the Group during the current period. ELBISCO, with its main direction on targeted sales of value-added product categories, successfully increased its Gross Profit Margin to 33.7% from 31.1% in the nine-months of 2004, and despite the decline in sales that occurred during the period. In detail, consolidated sales of ELBI SCO HOLDING S.A. declined by 4.2% compared with the corresponding period of 2004 and reached 120,789 thous. Euros versus 126,107 thous. Euros in 2004. The above decline in consolidated sales based on the Group's Administrative divisions can be analyzed as follows: a) a 1.6% decline in sales of ELBISCO Domestic Operations (which includes the newly-named ELBISCO COMMERCIAL and INDUSTRIAL S.A. after the completion of its merger via absorption of the companies ELITE Bread Industry S.A., N. VOSSINAKIS S.A., and H.B.C S.A.) due to the termination of croissant distribution from 01-01-2005. However, in absolute comparable figures, this translates in an increase of 8% for the company's sales, underlying the successful course of the Group's commercial policy in the local market, b) a 0.8% rise in sales of MORNOS S.A., despite the increased competition in the packaging sector, and, c) 18.6% decline in sales of ZITO LUKS A.D. (F.Y.R.O.M.), mainly due to the decline in competition prices in the bread and wheat markets in the Former Yugoslavian Republic of Macedonia. Earnings Before Taxes, Depreciation and Amortisation (EBITDA) for the Group increased by 29.3% for the period reaching 12,611 thous. Euros versus 9,750 thous. Euros for the same period last year, while EBITDA Margin recorded a significant increase reaching 10.4% over sales, versus 7.7%. for the respective period of 2004.

Finally, Losses Before Taxes for the Group were restrained to -1,371 thous. Euros as compared to -2,576 thous. Euros for 2004. The Management commenting on the nine-month financial results stressed that the above increases consistently follow its original estimates regarding last year's financial results and their estimated improvement in the current period. "The goals of ELBISCO for the next two forthcoming years (2006-2007) focus on the achievement of organic sales growth, via the strengthening of our commercial brands names, the launching of new value-added products and further boosting of our exports. Top targeted priority, according to Management, is the acceleration of the Group's profitability, which is already observed in our results from the beginning of the year, via further cost savings on total Group operating expenses, and a simultaneous achieveme nt of additional scale economies from the recent completion of merger of our subsidiaries in the local market."