The financial performance of Papastratos for the year 2003 is presented as follows:

Consolidated sales of the company amounted to 414,3 mio. Euros representing an increase of 2,6 % over last year.

Consolidated Operating Profits (EBITDA) amounted to 39.1 mio. Εuros representing a decline of 11.0 % over last year.

Consolidated Profits Before Taxes reached the 30,4 mio. Εuros, showing a decrease of 22.6 % compared to the respective last year's period.

The decrease of the Consolidated Operating Profits is mainly attributed to general and administrative expenses related to the acquisition by Philip Morris.

The decrease of Consolidated Profit Before Taxes is also attributed to expenses related to the closure of the Romania Factory.