According to the P&L Statement of the 31st of March 2004, MICHANIKI S.A. achieved significant profit increase, both at a parent and group level, with earnings growth continuing for the tenth consecutive quarter.

At a parent company level, Michaniki S.A.'s pre-tax profits increased by 34.07 percent in the first three months of 2004 to 8.83 million euros compared to 6.59 million euros in the same period last year.

Operational earnings rose 19.56 percent to 9.08 million euros compared to 7.59 million in 2003. Michaniki S.A.'s turnover increased 7.3 percent to 29.71 million euros compared to 27.70 million euros in the past year.

At a Group level, consolidated pre-tax profit after minorities rose 13.27 percent in the first quarter of this year to 10.31 million euros compared to 9.09 million euros in the same period last year.

Group turnover increased 3.35 percent to 40.94 million euros from 39.61 million euros in the first quarter of last year.

At the upcoming General Assembly of the company?s shareholders, Management will propose the distribution of a 0.10 euro dividend per share for fiscal year 2003, which compared with 2002 translates to a 194 percent increase for the common shares, and 70 percent increase for the preferred.

The dividend yield stands at 5.0 percent and 7.1 percent respectively.