TURNOVER GROWTH BY 13.4%
INCREASE IN EBITDA BY 13.4%
EBT GROWTH BY 31.6%

GERMANOS demonstrated impressive growth rates in all major financial accounts, on both consolidated and parent basis, during Q1 2004.

On consolidated basis, turnover settled at EUR 173.1 million demonstrating an increase of 13.4% as compared to Q1 2003. This development indicates the constant growth of Group's market shares in all geographic regions. It is worth mentioning that sales from foreign markets (such as Poland, Romania, Bulgaria and FYROM) exceeded EUR 30 million, contributing by 16.2% to total revenues. Their contribution is expected to significantly increase in the following years.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to EUR 17.3 million, posting a growth of 13.4%. It should be noted that the Management continues efforts in order to lower operating expenses as percentage of total turnover. Thus, in Q1 2004, operating expenses settled at 16.6% of turnover versus 18.4% in Q1 2003. The introduction of new IT systems and the more efficient utilization of human resources were the major factors leading to the above development.

HDFS' financial results contributed significantly to the Group's profitability, adding approximately EUR 1 million to the bottom line.

Profit before taxes settled at EUR 11.6 million, from EUR 8.8 million, posting a growth of 31.6% over the corresponding period last year.

On a parent company basis, it should be noted that GERMANOS SA posted similar growth rates. Specifically, sales increased by 8.8% and reached EUR 140.2 million, whereas Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) rose by 15.2% and amounted to EUR 16.8 million. Finally, Profit before Taxes increased by 8.2% to EUR 10.6 million.

Finally, for the information of investors' community, the Shareholders AGM will be held on Friday, June 25th, 2004, which is also the ex dividend date.