Consolidated sales of Titan Group amounted to ? 512 m, a 6% increase vs. the previous year. Operating EBITDA rose by 14% to ? 132 m. Net profit of the Group, after deducting minority interests and provisions for taxes, increased by 6%, to ? 47 m.

The Euro's sharp rise versus the US dollar and the Egyptian pound in the last days of June, created negative foreign exchange differences and losses, included in ?extraordinary results?. On the other hand, the positive foreign exchange differences resulting from the revaluation of long term loans appear as an increase in ?provisions?.

Specifically, for the geographical regions in which the Group is present:

• In Greece, sales of cement, concrete and aggregates continued their upward trend.
• In the U.S.A. despite the difficulties that have been observed in many sectors of the economy, the Group's sales remained unchanged mainly due to the strength of housing activity.
• In Egypt, cement oversupply in conjunction with stagnant demand, adversely affected results.
• In Southeastern Europe, a pick-up in demand was noted in the FYROM, compared with last year when hostilities took place in the region. In Bulgaria, market conditions showed improvement. Finally the newly acquired Kosjeric factory in Serbia, was fully consolidated from the 2nd of April 2002 and produced a positive operating and bottom line result.

At the parent Company level, sales increased by 11% to ? 203 mil. Operating EBITDA amounted to ? 69 mil., an 27% increase, while the net profits of the 1st half of 2002 amounted to 45 mil., a 4% increase., which include ? 14 mil. from participations.