MICHANIKI SA is pleased to announce strong profitability growth in 2004, both at a group and parent company level, based on its financial statements on December 31, 2004.

MICHANIKI Group pre-tax profit, after minorities, grew 14.7% to 19.24 million euros in 2004 from 16.76 million in 2003. Consolidated EBITDA increased by 9.9% at 29.41 million euros in 2004, from 26.75 million the year before. Group turnover increased marginally to 152.66 million euros versus 152.12 million euros in 2003.

At a parent company level, Michaniki SA pre-tax profit grew 24.6% to 15.36 million euros in 2004 from 12.31 million in 2003. EBITDA stood at 20.13 million euros in 2004, from 17.11 million the year before, marking an increase of 17.6%. Company turnover was slightly down to 107.61 million from 109.53 million euros in the same period a year earlier.

After the above-mentioned financial results MICHANIKI?s Management will propose to the Annual General Assembly of Shareholders a dividend per share of 0.12 euros for 2004, a payout that translates to a dividend yield of approximately 5.8% for the common shares and almost 8.0% for the preferred ones. In 2003 the company had paid a dividend of 0.10 euros for the common and the preferred shares.