On Wednesday June 14, 2006, at PRESIDENT Hotel, took place the Annual General Meetingη of the shareholders of ELVAL, S.A. The discussion of the items 1, 2 and 3, concerning the approval of the financial statements for the year 2005, discharging the Directors and the profit appropriation statement for the financial year 2005 has been postponed to be discussed on July 14, 2006, at 13:00 hours, at PRESIDENT Hotel. This postponement has been decided in order to give time for further inquiry, regarding the formation of tax free reserve of L. 2601/1998, aiming at its better future exploitation. The remaining items of the Agenda have been approved. Among other, the issue of a debenture loan, up to the amount of Euro 100 mil. In order to reorganize the company's existing loans, as well as to cover the increased need in working capital, due to the increase in aluminum price. In 2005, the production of the Oinophyta plant, which operates in full capacity, was 192 th. tons, slightly increased in comparison with 2004. The profits before taxes and depreciation ("EBITDA"), of the parent company, amounted to Euro 39 mil. (42 mil. Euro in 2004) and the profits before taxes to Euro 8,5 mil. decreased by 16,5%. The decrease of the conversion premium of the final products, resulting from the international competition and the increased cost of energy, were the main reasons for the decline of the profits. The profits after taxes amounted to Euro 7,6 mil. and appear decreased by 73%, compared to those of 2004, which appear high, due to the reversal of a part of the accumulated deferred taxes, as a result of the decrease in the taxation rates. The consolidated profits before taxes, interest and depreciation ("EBITDA") amounted to Euro 67 mil., decreasing by 13% and the profits before taxes to Euro 16 mil. (Euro 26 mil. ιn 2004). The production of the plant in the U.K. reached 50 th. tons, approx, and the products' range became more wide. Regarding the aluminum extrusion sector, the decline of the demand in the local market, after the Olympics, as well as the increased promotion and advertising costs resulted in the decrease of profits by 42%. During 2005 the company spent Euro 14 mil. in investing activities and the Group Euro 33,3 mil. Finally, for 2006, it was mentioned that the production volume is expected to be at the same level of 2005 and that significant efforts are made to decrease the cost at all levels. During the first three months of 2006 the sales volume was 49,5 th. tons (47,4 tons for 2005 and the profits amounted to Euro 5,3 mil., increasing by 29%. Nevertheless the results of 2006 are expected to be significantly affected by the international financial situation and mainly by the cost of energy, the EUR/USD parity and the primary aluminum price, which already reached a very high level.