Consolidated profits before taxes for the Silver & Baryte Ores Mining Co. S.A. group of companies demonstrated an increase of 9.4% in the fiscal year 2002, reaching euro 26.1 million compared to euro 23.8 million in 2001. Furthermore, EBITDA (earnings before taxes, interest and depreciation) exceeded euro 57 million (an increase of 10.1%), thus improving the EBITDA margin from 17.7% to 19.6%. The Company's consolidated sales remained at the same level, amounting to euro 291.3 million versus euro 291.9 million in 2001.

In the industrial minerals sector, that represents 77% of Silver & Baryte's turnover, consolidated sales reached euro 224.2 million, compared to euro 225 million last year. Industrial minerals' consolidated profits before taxes demonstrated a significant increase of 9.4% (euro 21.4 million), and the EBITDA margin increased as well, to 23% from 20.8%. Respectively, consolidated turnover of the commercial activities sector reached euro 67.1 million in 2002 versus euro 66.9 million in 2001, while consolidated profits before taxes increased by 9.2% and amounted to euro 4.7 million.

Efthimios Vidalis, the Company's CEO, stated: ?The group's overall performance in 2002 is considered very satisfactory, as Silver & Baryte noted a significant increase in its profitability and raised its EBITDA margin to almost 20%, while its sales remained stable, despite the adverse conditions that prevailed, and still do, in the international market.? Mr. Vidalis continued: ?This result is attributed, to a large extent, to our intense efforts to constantly improve the operational profitability of Silver & Baryte, to cut down operational costs, as well as to maintain the Company's strong position in the markets it is active in.?

Regarding the prospects for the fiscal year 2003, Mr. Vidalis stated: ?The current year began with positive messages from our customers in the most important markets, and we are optimistic for the course of Silver & Baryte in 2003. However, the ongoing geopolitical instability admonishes us against making a forecast for the year.?