According to the P&L Statement of the 30th of September 2004, MICHANIKI S.A. achieved significant profit increase, both at a parent and group level. At a parent company level, Michaniki S.A.'s pre-tax profits increased by 26.1 percent in the first nine months of 2004 to 13.68 million euros compared to 10.84 million euros in the same period last year.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 17.2 percent to 17.18 million euros compared to 14.66 million in the first nine months of 2003. Michaniki S.A.'s total turnover increased 6.8 percent to 86.04 million euros compared to 80.53 million euros in the past year.

At a Group level, consolidated pre-tax profit, after minorities, rose 13.4 percent to 16.35 million euros compared to 14.41 million euros in the same period last year. Group earnings before interest, tax, depreciation and amortization (EBITDA) moved marginally lower by 3.1 percent to 22.38 million euros compared to 23.11 million last year.

Michaniki Group turnover increased 6.5 percent to 120.52 million euros from 113.17 million euros in the same period of last year. Michaniki S.A. maintains virtually zero bank loans, while the Debt / Equity ratio stands at 1/11.7 for the parent company, and at 1/7.1 for Michaniki Group.