Within 2003, ELBISCO Holding S.A. achieved a considerable increase in its gross profits, reaching euro 631,066.74 compared to euro 362,131.14 during the prior use. The company's EBT reached euro 309,224.47 in 2003.

As far as the consolidated financial results are concerned for the year 2003, the company's turnover mounted to euro 167,752,995.83 compared to euro 182,032,412.05 on 31-12-02. This differentiation is partly due to the cease of sales of EVGA's juices Sunny, the trading of which was being made by ELBISCO?s domestic commercial company, ELBISCO Commercial S.A. The decision taken that ELBISCO Commercial should stop trading the said products was made within the framework of rationalizing the operation of ELBISCO?s companies and given that they are producing cereal based products. The turnover for 2003 was besides influenced by the rationalization of ELBISCO?s company-member, Zito Luks A.D., headquartered in Skopje.

As for the allocation of the turnover according to the administrative separation of the ELBISCO Group, it is noted that 14% corresponds to ELBISCO INTERNATIONAL OPERATIONS (Zito Luks A.D. (F.Y.R.O.M.), Karat Bulgaria S.A.), 47% to ELBISCO DOMESTIC OPERATIONS (ELBISCO Commercial S.A., Elite Bread Industry S.A., Ν. Vossinakis S.A., Hellenic Biscuit Company S.A.) and 39% to Mornos S.A..

It is also noted that the earnings before taxes and minority rights fell to euro 1,599,757.24 from euro 2,979,548.56 that they were in 2002 reflecting the ? temporary, yet considerable ? charging of the group by the cost of distributing, advertising and promoting many new and innovative products this past year. It is worth noting that in 2003, ELBISCO, with view to achieve its strategic goals, focused on the production of healthy products, as well as the creation of products respecting the modern way of life of consumers. Amongst these new special products, are the children?s biscuits Yabba Dabba Doo rich in fresh milk, the Elite Crackers, the new crispy rolls Elite and the children?s bread Kris Kris enriched with calcium, vitamins A&D and pure honey.

A year-on-year difference was also marked in the EBITDA, which reached in 2003 the amount of euro 5,453,788.69.

Despite the adverse climate marked on the food sector during the past year, which influenced the financial results of the ELBISCO Group, the group managed to reduce by 5% its net borrowings, which mounted to euro 102,070,821.84 for 2003. At the same time, ELBISCO continued its costly course of radical restructuring within its companies with view to achieve their complete reforming.

The Group focused to a great extent on the company ZITO LUKS A.D., which is on the verge of a complete restructuring of its operations, aiming at increasing considerably its performance. Within this framework, the company proceeds to the redefinition of the production processes and to the categorization of its products under specific brand names, while focusing at the same time to the expansion and refurbishing of its outlet network.

The ELBISCO Group continues its growth course by materialising important structuring changes, implementing integrated investment programmes and satisfying consumers' modern needs, always placing absolute quality as its first priority!