The consolidated sales of S&B Industrial Minerals S.A. for the first half of 2004 marked a major increase of 38.4%, reaching euros 204.4 million versus euros 147.7 million in the corresponding period of 2003. Consolidated profits before taxes amounted to euros 13.6 million, showing an increase of 9.3%, compared to the first half of the previous year.

In the industrial minerals sector, sales in the first half of 2004 posted an increase of 40.9% and amounted to euros 156.3 million versus euros 110.9 million during the same period of 2003. The increase is primarily attributed to the consolidation of sales of the recently acquired STOLLBERG international Group and of the Bulgarian company BENTONIT AD, as well as to the increase of bauxite sales in Eastern Europe and of expanded perlite sales in Greece. The earnings before tax, interest charges and depreciation (EBIT DA) for the industrial minerals activity reached euros 27.7 million, marking an increase of 14.3%, affected by the significant increase in shipping freight costs in the first half of 2004, as compared to the shipping freight costs in the first half of 2003. Profits before taxes, affected by the significant increase in shipping freight costs and the increased financials and goodwill amortisation charges for the realization of the recent acquisitions, reached ?9.8 million, versus ?10.1 million in the respective p eriod of 2003.

The figures of the Group's commercial activities (Motodynamics S.A and Ergotrak S.A.) presented significant increase as well, as a result of the developmental initiatives realized in recent years. More specifically, sales of the commercial activities sector increased by 30.9%, amounting to euros 48.1 million, while profits before taxes marked an increase of 59.8%, reaching euros 3.8 million.

Referring to the results of the first half of 2004, the Chief Executive Officer of S&B Industrial Minerals S.A., Mr. Efthimios Vidalis, stated: 'The figures of the S&B Group during the first half of the year, with the major contribution of sales of the STOLLBERG group of companies, confirm our forecasts and expectations for the new growth phase of the Group' international activity. We are rapidly advancing to the full integration of the recently acquired companies, and we expect that the significant growth in sales will be also reflected, over the medium-term, in the Group's profitability'.

It should be reminded that as of September 2003, S&B Industrial Minerals S.A. is the new distinctive title of the former Silver & Baryte Ores Mining Co. S.A.