February 25, 2005. In 2004, Delta Group sales reached ? 691.5 mio vs. ? 684.5 mio in 2003. It is worth mentioning that the Group ?through the diversification of its activities? managed to offset the drop in ice cream sales by 12.8% resulting from the adverse weather conditions prevailing in SE Europe. The Group?s targets regarding the improvement in the operating cost, the limitation in administrative expenses, the generation of economies of scale and the increase in free cash flows which reached close to ? 40 mio in 2004, have been achieved successfully, contributing to the reduction in net debt by ? 24.2 mio. Particularly: · The gross profit margin increased by 2.7 units reaching 41.2% vs. 38.5% in 2003, · The operating earnings before interests and taxes (ΕΒΙΤ) increased by 13.7% to ? 69.1 mio from ? 60.8 mio in 2003, · Earnings before interests, taxes, depreciation and amortization (EBITDA) presented an increase of 8.4% and amounted to ? 109.3 mio vs. ? 100.9 mio in 2003. Earnings before tax and minority rights amounted to ? 52.9 mio vs. ? 39.9 mio in 2003, recording an increase of 32.6%. It is mentioned that total depreciation does not include the amortization of goodwill which amounts approximately to ? 8.4 mio, thus making the financial statements comparable under IFRS (International Financial Reporting Standards). The above increase in profits came from the improvement in both the efficiency and the financial management during 2004 and the decrease in Group?s depreciation expenses. The sales of the parent company Delta Holding S.A. in 2004 remained at same levels of those of the previous fiscal year and amounted to ? 16.5 mio. Earnings before taxes reached ? 14.5 mio, recording an increase of 8.4% compared to 2003. The proposed dividend amounts to ? 0.17 per share, an increase of 13.3% vs. the previous year. It is noted that certain amounts in the financial statements of the Group have been adjusted in order for them to be comparable in view of the implementation of the International Financial Reporting Standards (IFRS). Hence, the consolidation differences of ? 160.2 mio, coming from the consolidation of the Group?s companies, were incorporated under ?other intangible assets? in 2004. Furthermore, the shares of the parent company held by its subsidiary, were recorded as ?treasury shares? under ?shareholders? equity? in view of the implementation of the IFRS. According to the management, there will not be any significant differences, as a result of the implementation of the IFRS to Delta Group. Finally, Delta Group will publish its financial statements according to the International Financial Reporting Standards (IFRS) as per the current law requirements.