Today Rilken S.A. reports the first quarter results of 2003. The company recorded net sales of 6,440 TEURO and operating profit of 438 TEURO. Kifissia/Greece - Rilken reported sales of 6,440 TEURO vs 5,097 TEURO of the first quarter of 2002 a total increase of 26,3%. This increase is mainly due to the change of the distribution agreement into distribution under consignment, effective as of January 1st, 2003, as well as the improved business picture because of the discontinuation of the Coppertone brand distribution. The increase in real sales was 4%

The change of the distribution agreement between Rilken and Schwarzkopf & Rilken Hellas affected significantly the Gross Profit and the Operating Result of this quarter, as well as the Selling Expenses. The Selling Expenses increased by 38,7% vs the first Quarter of 2002 due to distribution commission and higher marketing expenses.

Profits before taxes rose by 21,4% to 454 TEURO vs 374 TEURO of last year. This was mainly the result of reduced bad debt provisions in comparison to 2002.

For the Rilken Group, which consists of Rilken SA and its retail distribution company Schwarzkopf & Rilken Hellas S.A, consolidated net sales reached 7,6 M Euro. The decrease of 13,8% vs last year is the result of the new distribution structure. From January 1st, 2003, Rilken Group sales include only the sales commission for Henkel Hellas products, yet not their respective cost of goods .

Operating profit of the Group increased by 410 TEURO to 545 TEURO due to the above mentioned reasons. Consolidated profit before taxes increased also by 691 TEURO (442% increase) to 535 TEURO due to the decrease of bad debt provisions vs last year.

Rilken S.A. is an Athens based manufacturer and marketer of Cosmetics, specialized in Hair Care products. The company is a member of the Henkel Group which is the majority shareholder of Rilken S.A. via its subsidiary Henkel Hellas S.A.

The financial statements of Rilken S.A. for the first quarter of 2003, including the consolidated financial statements, will be published on 30th May 2003.