The consolidated sales of S&B Industrial Minerals S.A. for the nine month period (January-September 2004) posted a 38.5% increase, compared to the corresponding period of 2003. More specifically, S&B?s sales on a consolidated basis reached ?308.5 million versus euros 222.7 million. Consolidated profits before taxes for the same period amounted to euros 21.5 million versus euros 19.8 million, marking an increase of 8.5%.

In the industrial minerals sector, following the full consolidation of the acquired Stollberg Group of companies, sales increase reached 42.5% (euros 237.1 million versus euros 166.3 million). Despite the particularly high shipping freight costs, earnings before tax, interest charges and depreciation (EBITDA) marked an increase of 11.5% (euros43.1 million versus euros 38.6 million). Profits before taxes of this activity were affected by increased financial and goodwill amortization charges, due to acquisitions, and noted a marginal increase of 0.2%, amounting to euros 16.1 million.

The commercial activities sector (Motodynamics S.A. and Ergotrak S.A.) noted a significant increase both in terms of sales and profitability. In particular, the 9month sector sales in 2004 increased by 26.8% (from euros 56.3 million to euros 71.5 million), and profits before taxes by 43.7% (from euros 3.8 million to euros 5.4 million). This increase is primarily attributed to Motodynamics S.A., the sales and profits of which increased by 30.8% και 44.4% respectively, as its strategy regarding entering the retail market through a company-owned retail network has already started bearing fruits, and, at the same time, demand for two-wheelers and marine products is showing a major increase during the current year.

Referring to S&B?s financial results for the period January-September 2004, the Company?s Chief Executive Officer, Mr. Efthimios Vidalis, stated: 'the full consolidation and integration of the recently acquired companies (Stollberg Group of companies and Bentonit AD) in S&B?s activities is reflected in the financial results, confirming the new development course that the Group has entered. However, pressure on operational profitability due to the high freights level, the increase in energy cost and the con sequent cost for the provision of raw materials, remains stable'.

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