The profitability of S&B Industrial Minerals S.A. shows improvement during the first three quarters of 2003 compared to the corresponding period of 2002. Specifically, S&B's consolidated profits before taxes reached 19.8 million euros versus 19.2 million euros in last year's corresponding period, noting an increase of 3.2%, while the EBITDA margin improved to 19.3% from 19%. Consolidated turnover reached 222.7 million euros compared to 222.3 million euros in the nine months of 2002, showing a marginal increase of 0.2%.

In the industrial minerals sector which represents more than three quarters of S&B Group's turnover, sales reached ?166.3 million in the nine months of 2003 versus 167.4 million euros, noting a marginal decrease of 0.6%. Profits before taxes of this activity amounted to 16 million euros from 14.9 million euros, increasing by 7.6%, while the EBITDA margin increased to 23.2% from 22.4% in the nine months of 2002.

Sales of S&B's commercial activities sector (Motodynamics S.A. & Ergotrak S.A.) increased during the nine months of 2003 by 2.7% and reached ?56.3 million compared to 54.8 million euros. Profits before taxes for the same period amounted to 3.8 million euros versus 4.3 million euros, marking a decrease of 11.9%.

S&B's CEO, Efthimios Vidalis, stated that 'these results confirm the strong position that S&B Industrial Minerals S.A. holds in its main markets. S&B, as evidenced through the recent acquisition of the Bulgarian company Bentonit AD, remains committed to its strategic objectives, aiming at maintaining its leading position in the markets it is active in, and at growing further, both in terms of geographical expansion and of product portfolio.'

It should be reminded that S&B Industrial Minerals S.A. is the new distinctive title of the former Silver & Baryte Ores Mining Co. S.A., as of September of 2003.