Growth of 21.6% in Turnover
Increase of 15.4% EBITDA
Growth 19.4% in Net Profit

Germanos financial results demonstrated a positive trend during the financial year 2004, verifying that the Group continues to achieve growth. Consolidated sales reached ? 859.6 million, posting an increase of 21.6% y-o-y. The above growth resulted from all business activities of Germanos Group.

Specifically, sales relating to the Retail Activity increased by 17.5% y-o-y, settling at euro 496.6 million. It is worth noting that airtime revenues contributed to a significant extent to the above growth, reaching euro 60 million (higher by 31.8% y-o-y). Airtime revenues had also significant contribution to the Group?s net profitability.

Sales of mobile handsets grew by 31.8% y-o-y to euro 84.6 million in 2004, whereas a similar trend was observed in sales of digital and electronic products. The latter category posted an annual growth of 13.6%, settling at euro 62 million.

Wholesale distribution - which is the Group's second most important activity demonstrated strong growth in 2004. This category's revenues relate to the distribution of prepaid cards (mobile and fixed line telephony) and settled at ? 283.9 million, higher by 34.7% year-on-year.

Finally, revenues from the Group?s Industrial activity (Sunlight), reached euro 54 million, demonstrating an annual growth of 10.2%. It is worth noting that the largest part of the industrial sales was generated in the international markets.

Sales generated from the subsidiaries abroad (such as in Poland, Romania, Bulgaria, FYROM and Ukraine) also contributed significantly to the overall growth of the Group. The particular category reached euro 169.5 million and currently represents 20% of the total consolidated sales.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 15.4% year-on-year, settling at euro 90.4 million, whereas the corresponding profit margin reached 10.6%.

Finally, Earnings after Taxes (EAT) amounted to euro 53.9 million, presenting an increase of 19.3% as compared to the financial year 2003.

GERMANOS SA financial figures evolved in a similar trend. On parent basis, turnover accounted for euro 679 million (+16.6% year-on-year), whereas Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to euro 79.5 million (+11.14% year-on-year). Finally, Earnings before Taxes rose by 10% to euro 60 million in 2004 from euro 54.4 million in 2003.

With regard to the proposed dividend for the financial year 2004, the Management will propose a dividend of euro 0.45 per share, which is by 12.5% higher than the corresponding dividend in 2003.

Commenting on the Group's financial results, John Karagiannis, Chief Executive Officer, made the following statement:
"Germanos Group of Companies fully responded to the targets set in the beginning of 2004, and experienced a successful business year. Our dynamic participation in the developments of mobile telephony sector in Greece and our growing presence in the promising markets of Central and Eastern Europe resulted into a dynamic growth of turnover and profit on group basis. We feel optimistic that our consistent strategy will sustain the especially high growth rates for the Group.
With regard to our prospects for the year 2005, we remain committed to our shareholders and we foresee especially positive prospects for our foreign investments. Our strategy is successfully implemented in countries with great growth potential in the mobile telephony sectors, which is fully reflected in the financial statements of the Group. We strongly believe that in 2005 our strategy will generate high growth rates as well."