F.G. EUROPE S.A. continues its impressive increasing course in the first six months of 2004, with increased sales in all business lines.

Concretely, total revenues amounted to 113,6 mil. Euro during the first half of 2004 compared to 72,8 mil. Euro during the first half of 2003 an increase of 56%.

Impressive is the increase when regarding the business lines itself. In the wholesale of Air Conditioners, F.G. Europe was able, in a consolidating market, to increase its sales by 7% during the first six months of 2004 compared to the related period of 2003. Sales of Air Conditioners amounted to 35,0 mil. Euro compared to 32,7 mil. Euro in 2003. The increase is due to the fact that 53% of Air Conditioners sales were export sales and went to Italy and the countries of South East Europe. It is worth mentioning that for the first time in the company?s history export sales were higher than domestic sales. The sales of the White Electrical Appliances business line also climbed up by more than 6% during the first half of 2004 and amounted to 3,0 mil. Euro compared to 2,8 mil. Euro for the same period of 2003.

Sales of the Mobile Telephony business line more than doubled during the first half of 2004 and amounted to 75,4 mil. Euro compared to 37,0 mil. Euro in 2003.

The company's management estimates that the profits will be more than satisfactory and will proceed to related disclosures as soon as the results of the first half of 2004 are finalized.