FY2003 reflect the wrapping up of a rather tough year both for the IT market and Altec itself. Turnover came up to euro 145.1m, declining by 33.3%, which is mainly attributed to the slowdown evidenced in the sector last year as well as the extraordinary issues that the Company faced throughout H1 '03. As already known following slanderous press releases in H1, Altec was deprived by the transparency certificate of National Council of Radio and Television for a long time which resulted to delays in undertaking new projects or billing existing ones.

EBITDA reached euro 12,8m, relatively to euro 34,95m in FY2002, mainly burdened by expenses made in order to restore the Company's image in the market; losses before taxes came up to euro 4.7m relatively to euro 14m in FY2002.

Total debt fell by 7.8% to euro 156m, while liquidity was reinforced with the respective ratio standing at 2.68 relatively to 2.02 in FY2002.

FY2003 consolidated turnover fell 7.5% to euro 256.2m, while consolidated EBITDA came up to euro 13.2m relatively to euro 39.5m in FY2002; losses before taxes and after minorities reached euro 12.6m. Consolidated results were mainly dragged by ACN and Microland. ACN, an Internet and Telecom System Integrator, eventhough presents impressive top line growth (euro 17.2m up 146%) while EBITDA grew 17.3% to euro 1.9m, yet high depreciations (euro 8.8m) dragged the Company's bottom line to pretax losses of euro 7.3m. Microland turnover came up to euro 28.96m with pretax losses of euro 11.4m; however a business plan aiming at the restructuring of Microland has already been compiled and is to be announced soon, according to which the company will cut its losses in the short run and rebound to positive profit levels in the long run.

Altec management believes that the Company managed to maintain its dynamic in FY2003 despite the adverse conditions generated by external reasons. Following the final settlement of these issues along with the Company?s justification, as this was obtained after thorough audits that were made by SDOE, Altec is back on track undistracted.