Hellenic Fabrics' S.A. financial figures of sales, profit and cash flow demonstrated a particular satisfactory performance for the fiscal year 2004.

More specifically, net sales of the parent company, presented an increase of 28,6% and reached the amount of 94,3 mln euro compared to 73,3 mln euro of the corresponding fiscal year 2003. Exports to the EU countries amounted to 78,6% of total turnover. Sales of indigo denim fabrics, which are used for the production of branded jeans wear, cover about 90% of the total turnover.

Furthermore, the company's profit before tax increased by 26,7%, reaching the amount of 5,1 mln euro compared to 4,0 mln euro in 2003. Profit before tax, interest and depreciation (EBITDA) amounted to 10,4 mln euro showing an improvement of 19,1%.

On a consolidated basis, the turnover increased by 26,2%, from 80,4 mln euro in 2003 to 101,5 mln euro in 2004. Profit before taxes and after minority rights amounted to 5,1 mln euro from 4,3 mln euro in 2003, showing an increase of 19,1%. Earnings per share before taxes increased from 0,32 euro to 0,38 euro.
Cash flow from Group's operations amounted to 20,7 mln euro and financed the investment program of the year amounting to 8,5 mln euro, while 8,1 mil euro was used to reduce the short-term borrowing.

The company's Board of Directors will propose to the General Assembly a dividend of 0,09 euro per share. Based on the closing share price on 21.02.2005, the company's dividend yield arises to 4,5%.

A determinative factor for the course of the financial results for the year 2005 is the significant reduction of the international cotton prices for the period 2004/05.

The Group, by taking advantage of its two cotton-ginning plants located in Macedonia and Thessaly, has already covered its needs in raw material, of excellent quality, until the end of 2005.

The company, by continuously developing new types of denim fabrics and maintaining very close collaboration with its branded customers, has converted its production from mass to client oriented and therefore is not facing competition from low cost countries.

The investment program of the last five years, that amounts to 65 mln euro, has provided the company not only with flexibility but also with the possibility to increase its production gradually, provided that its market share will be increased.

The high level of know-how, experience and collaboration among the managers and the rest of the employees, as well as their common target to gain the leading position in the European denim market, have definitely contributed to the company's successful course.

For the current year, the Groups Management expresses its optimism that the company's positive results will continue, given that Hellenic Fabrics S.A. has become Europe's most technologically advanced denim manufacturer.