Specifically, for the period 01.01 - 31.03.2004, net sales amounted to 24,82 mln euros compared to 21,48 mln euros of the corresponding period of 2003, showing an increase of 15,6%. 80% of the aforementioned turnover originated mainly from exports to EU countries. Net profits for the same period reached 1,4 mln euros, increased by 7,5%.

Following its strategy, the Company continues to broaden its client base and to expand in new markets.

In 2004, the Company has planned an investment program of 7 mln euros, 20% of which has been completed in the first quarter. This program consists mainly of investments in machinery and infrastructure for the production of new types of products.

The Board of Directors will propose to the General Assembly a dividend of euros 0,07 per share, following a satisfactory dividend policy for a third consecutive year, in favor of the shareholders. Based on the closing share price of the year-end, the company's dividend yield reaches 2,5%.

Regarding the Company's share price fluctuations in 2004, the Management estimates that, based on the yearly P/E ratio which was 9,57 and the yearly P/BV ratio which was 0,53, as well as on it's performance, the stock market price does not reflect Hellenic Fabrics' S.A. potential and long term perspectives.

Under the present circumstances, the Company's financial figures for 2004 are projected to develop satisfactorily.