Elbisco Holding S.A. announces a significant increase in the EBT for the 1st half of 2003, reaching euro 903.675,56 from euro 75.062,83 that it was the same period last year. This increase is mostly due to the exchange difference of the valuation of the loan, which had been contracted for the purchase of Zito Luks A.D. Scopje.

Based on ELBISCO HOLDING's consolidated financial results, the turnover of the company was at approximately the same level as last year, reaching ? 83.957.097,08.

The mixed profits saw an increase of 8,6% this year mounting to euro 30.403.693,16 instead of euro 27. 991.748,15 that they were during the same period in 2002. This increase is due to a great extent to the decrease of the cost of good sold. It should be noted at this point that the Elbisco group is implementing the programme for rationalization and total reorganization, which mainly aims at decreasing the cost. In this framework, the Elbisco group has already made significant investments this year. During the 1st half of 2003, it proceeded in fixed investments of euro 212.005.000 compared to euro 188.363.000 for the same period last year, marking an increase of 12,5%.

As far as the net financial results of the group are concerned, during the 1st half of 2003, they reached euro 3.328.040,95, marking an increase of 301%, which is mostly due to exchange differences and to the sale of fixed assets.

According to the administrative division of the Elbisco group to Elbisco Holding, Elbisco Domestic Operations (Artoviomichania Elite, Elbisco Commercial, Hellenic Biscuit Company, N.Vossinakis), Elbisco International Operations (Zito Luks Scople, Karat Bulgaria, Helberica Spain) and the company Mornos with its subsidiaries, the group?s turnover for the 1st half of 2003 is divided to ?41.572.000 for the companies of Elbisco Domestic Operations, ? 10.988.000 for the companies of Elbisco International Operations and euro 31.398.000 for the company Mornos and its subsidiaries.

As far as the EBIDTA of the Elbisco group is concerned, during the 1st half of 2003 it came up to euro 128.000 for Elbisco Holding, euro 2.371.000 for the companies of Elbisco Domestic Operations, euro 440.000 for the companies of Elbisco International Operations and euro 3.772.000 for the company Mornos and its subsidiaries.