Athens, November 27, 2002 · ALTEC S.A. (ALTEC GA) (AICr.AT), continued its dynamic profit increase and margins widening in 9m 2002. EBIT rose by 42.7% reaching euro 14.1 million, despite the recessionary market conditions affecting the IT sector, which restrained turnover to euro 125.7 million. Earnings before taxes amounted to euro 8.7 million, posting an increase of 13.5% resulting mainly from the Company's operating activities, since financial income decreased to euro 562.2 thousand versus euro 5.2 million of the previous year's 9m period.

Margins improved significantly, as a result of the Company's strategic decision to strengthen its operations in the sectors of integrated IT projects, services and software, which present a higher profit margin, in contrast to the product distribution, which constituted the main activity of the parent company ALTEC prior to the merger. In addition, the Company benefited from the reduction of its operating expenses, which decreased by 34% compared to last year's 9m period, due to the achievement of large synergies and economies of scale through the operating consolidation of the absorbed companies Sysware, Unisoft and Stat. Hence, operating (EBIT) margin widened to 11.2% versus 6.9% and pre-tax profit margin increased to 6.9% compared to 5.3% in 9m 2001.

On a consolidated basis, turnover amounted to euro 166.3 million and EBIT reached euro 16.7 million, noting an increase of 14.6%, while operating profit margin increased to 10% versus 7.2% in 9m 2001. Earnings before taxes and after minority rights of the Group increased by 20.8%, reaching euro 11.4 million with the respective margin growing to 6.9% compared to 4.7% of last year's 9m period.

Third quarter results reveal the precision of the strategic decisions of the Company, stressing the competence of ALTEC's new dynamic business profile in strengthening the Company's position in the domestic market, despite the recessionary market conditions, as well as, dynamically expanding its presence in the international front.