According to the P&L Statement of the 31st of March 2003, MICHANIKI S.A. achieved significant earnings growth both at a parent and group level during the first quarter of 2003, as a result of participating in many new construction projects related with the Athens 2004 Olympics and other infrastructure works around Greece.

Group turnover increased more than 43 percent to 39.61 million euros from 27.65 million euros in the first quarter of last year. Operational group earnings rose 101 percent to 10.0 million compared to 4.9 million euros. Consolidated pre-tax profits after minorities rose 13.8 percent to 9.1 million euros compared to 7.99 million euros in the same period last year.

At a parent company level, MICHANIKI S.A.'s turnover increased significantly 90 percent to 27.7 million euros compared to 14.57 million euros in the past year. Operational earnings rose 109 percent to 7.6 million compared to 3.6 million euros while pre-tax profits decreased slightly to 6.6 million euros compared to 7.0 million euros in the same period last year. We note that last year's pretax profit included a one off extraordinary amount of 4.25 million euros, while this past quarter almost all profits came from core operational activities.

MICHANIKI S.A. is currently taking part in 12 major construction projects with seven of them related to Athens 2004 Olympic games. The company's backlog of orders stands at around 315 million euros.