The consolidated sales of S&B Industrial Minerals S.A. for the period January-March 2004 reached 70.1 million euros versus 63.7 million euros in the corresponding period of 2003, marking an increase of 10%. Consolidated profits before taxes amounted to 4.24 million euros, compared to 4.43 million euros in the first quarter of 2003, showing a decrease of 4.3%. In the industrial minerals sector, sales amounted to 55.6 million euros in the first quarter of 2004, versus 52.4 million euros during the same period last year, representing an increase of 6%.

It should be noted that the results of this sector include, for the first time, the activities of the recently acquired (late 2003) Bulgarian company Bentonit AD. Profits before taxes of the industrial minerals, affected by the significant increase in shipping freight costs, were decreased by 13.8%, reaching 4.25 million euros in the first quarter of 2004. In the sector of commercial activities - Motodynamics S.A and Ergotrak S.A - within a positive domestic environment for the two companies' products, sales in January-March 2004 increased significantly by 28%, reaching 14.6 million euros (compared to 11.4 million euros), while the profitability of both companies was notably improved as well.

Referring to the results of the first quarter of 2004, the Chief Executive Officer of S&B Industrial Minerals S.A., Mr. Efthimios Vidalis, stated: "The first quarter sales increase reflects S&B?s development course, based on the Group's long-term growth strategy. This course will be further reinforced, in the following months, with the consolidation of the recently acquired Stollberg international Group". 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.