Increase in operating profit (+10.5%)

Net profit of3.5 million euros versus losses of 1.7 million euros in the nine months of 2002

MINOAN LINES announce the financial results for the nine months of 2003, from which is ensued that in the period where unfavourable market conditions prevailed (decline in tourism, high fuel prices) the company, with the successful execution of its strategy, managed to return to profitable territory completely reversing the negative results of the past.

On a parent company level

Revenue grew by 9.4% reaching 154.6 million euros while EBITDA (earnings before interest, tax, depreciation and amortisation) reached 41.6 million euros, 10.5% higher than the same period of last year. The EBITDA margin also grew from 26.6% to 26.9%. On a net results basis, the company returned to profitability with net profits reaching 3.6 million euros compared to a loss of 1.7 million euros of last year.

On a consolidated level

Revenue for the period reached 155.2 million euros over 141.7 million euros in the nine months of last year, increased by approximately 9.5% versus 2002. Consolidated net profit reached 4.1 million euros versus 0.8 million euros in the first nine months of 2002.

With the strong performance in the 9-month of 2003 we would like to reiterate our projections for 2003, that net profits will be delivered both on a parent and on a consolidated level.