The results for 2003 were a profit of ?5,83 bil. as opposed to a profit of 1,99 bil. euros during the past financial year, an increase of 193%. The company also decreased its short term liabilities from 40,78 bil. euros to 3,13 bil. euros, as well as its total liabilities from 42,17 bil. euros to 22,27 bil. euros achieving a decrease of 47%.

Moreover the company?s liquidity was significantly increased achieving general liquidity ratio of 1,8 and a year-end cash balance of 9,46 bil. euros

On the company?s consolidated balance sheet, the total liabilities showed a decrease of 45% (from 209 bil. euros to 115 bil. euros) with a general liquidity ratio of 1,06 and Sales/Total Liability ratio of 1,97. The consolidated before taxes profits after the deduction of the minority share holders rights showed an increase of 115% (4,26 bil. euros as opposed to 1,98 bil. euros in 2002).

In 2004, the company is continuing the program which the General Shareholders meeting of 2003 decided and which includes:

• Important decrease of loans for the parent company, as well as for its subsidiaries.

• Restructuring of its participations portfolio.

• Expansion of the SANYCOM S.A. Trade Group.

• Restructuring of the Digital Technology?s group of companies 'Arcadia'.

• Real Estate Projects.