ELBISCO HOLDING S.A. recorded a significant improvement in full-year 2005 results both on a Company and Consolidated level, based on its annual financial statements that were reported in accordance with IFRS (International Financial Reporting Standards). More specifically, Earnings Before Taxes, Financial and Investment Income for the Company increased by 87,0% for the fiscal year 2005 and reached 1.460 thous. Εuros, versus 781 thous. Euros in 2004. Additionally, the Company has successfully reduced during 2005 the losses of the previous year. In detail, Losses After Taxation for the Company reached 307 thous. Euros versus 1.849 thous. Euros for the fiscal year 2004. On a consolidated level, Net Consolidated Sales for ELBISCO Group for 2005 stayed at last year's level (increasing by 0,14%), reaching 165,8 mn Euros despite the termination of croissant distribution from the 1st of January 2005. Indeed, in absolute comparable consolidated figures, Group sales increased by 3,5%, justifying the successful course of the Group's commercial policy in the local market. Gross Profit for ELBISCO Group increased by 13,7% mainly due a rise in productivity of the production facilities as well as the different sales mix for the Group in 2005. Earnings Before Taxes, Depreciation and Amortisation (EBITDA) for the Group increased by 119,8% and reached 15.982 thous. Euros versus 7.271 thous. Euros in 2004, while EBITDA Margin recorded a significant increase reaching 9,6% over sales, versus 4,4% over sales respectively in 2004. Finally, Losses After Taxes and Minority Rights for the Group were restrained by 3.100 thous. Euros, to 3.852 thous. Euros versus 6.952 thous. Euros in 2004. The Management commenting on the full-year financial results stressed that the above increases consistently follow its original estimates regarding last year's financial results and their estimated improvement in 2005.

"The fiscal year 2005 results justify the soundness of the Group's strategic decisions since its financial results feature a significant improvement in all levels while the presence of the Group in Greece and abroad has at the same time been remarkably strengthened. Significant part of our success is due to the Group's dynamic entrance in the market of value-added products with a consequent direction of the Company towards "innovation" in all main product categories. Undeniable reassurance of our success is the significant improvement of the market share of brand Kris-Kris in the segment of packaged toast bread. The Management of ELBISCO anticipates that the positive trend observed in its 2005 results will successfully continue in the current fiscal year".