VARVARESSOS S.A. turnover during the fiscal year 2003 has reached 25,89 million EURO increased by 8,60% compared to 2002. During the same period the company s exports were increased by 13,41% reaching 18,28 million EURO compared to 16,11 million EURO on 2002, representing 70,61% of the total company s sales.

The liquidity ratio of the company accounted for 1,55 while the ratio Liabilities and Capital & Reserves accounted for 1 approximately.

The company s investments during 2003 came up to 8 million EURO and concerned the completion of the new Spinning Mill at Stenimachos Naoussa.

Profits before depreciation during the fiscal year 2003 came up to 1 million EURO versus 2,3 million EURO of the corresponding period of 2002, decreased by 56%.

Depreciations during 2003 increased by 9% and came up to 4,03 million EURO contrary to 3,7 million EURO last year, due to large investments that company realizes.

The company's financial charges were ranged at the same levels with last year and reached 1,1 million EURO (1 million EURO in 2002).

Increased depreciations, increased prices of the raw material as well as the reduction in the yarn prices, had a negative impact on the financial results (3,05 million EURO losses) contrary to 1,38 million EURO losses at the same period of 2002.

The consolidated net sales during the fiscal year 2003 reached 28,35 million EURO while the net consolidated financial results, after the deduction of the proportion of the shareholder s minority rights, were as well negative, with total losses of 3,5 million EURO.