Athens, 26 August 2004 -GERMANOS Group of Companies realized impressive growth rates during the first half of 2004. According to the published financial statements, the Group's turnover reached EUR 366.5 million, implying a growth rate of 15.7% as compared to the first half 2003.

It is noted that the Group continues to boost market shares in the foreign markets. Therefore, turnover generated from foreign markets represented 17.5% of the total consolidated turnover in the first half 2004, versus 12.5% in the corresponding period last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 13.3% and reached EUR 37 million during the period under consideration. This significant growth derived from the ongoing 3-year operational restructuring plan, which targeted lower costs. Specifically, operating expenses amounted to EUR 57.5 million from EUR 52.7 million in H1 2003, representing 15.7% of total sales as compared to 16.6% in H1 2003.

HDFS had a significant contribution in the Group's profitability. It is reminded that HDFS have been consolidated according to the equity method.

Finally, consolidated profit before taxes increased by 23.5% and settled at EUR 29.4 million versus EUR 23.8 million in the same period last year.

On parent basis, GERMANOS SA demonstrated similar growth rates. Specifically, sales settled at EUR 299.7 million or 13.1% higher than the corresponding period in 2003, whereas earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 34 million, posting a growth of 12.8%. Finally, profit before taxes rose by 19% to EUR 28.8 million.