High rates of growth characterized the end of the first quarter of the year for GERMANOS Group of Companies. According to the published consolidated accounting statements, during the first quarter of 2003, GERMANOS Group of Companies performed a turnover of euro 152.6 mn, with Profits Before Tax, Interests, and Depreciations (EBITDA) of euro 15.3 mn, improved by 17.9%, while Profits Before Tax and after Minority Rights reached euro 8.8 mn, increased by 15.2%. As for the listed on the Athens Stock Exchange parent company GERMANOS SA, turnover rose at the rate of 15.2% to the sum of euro 128.8 mn, Profits Before Tax, Interests, and Depreciations (EBITDA) improved by 26.5% compared to the corresponding period last year to euro 14.6 mn, while Pre-tax Profit exceeded euro 9.8 mn, displaying an increase of 13.5% with respect to the corresponding quarter of 2002. Despite the tough international and domestic financial environment of the first three months of 2003, the companies of the GERMANOS Group dramatically increased their effectiveness. In addition, the earnings from the companies abroad have more-than-doubled and correspond approximately to 11.5% of the total turnover against 5% in the corresponding quarter of 2002. Impressive was also the decline in the consolidated operating expenses, which this year accounts for 18.5% of the total turnover, while last year they rose to 21.6%. The reduction by 3% of the operating expenses corresponds to euro 3.65 mn, a sum especially noteworthy for the magnitudes of the group. It should be noted that a similar course of improvement is apparent in the operating expenses of GERMANOS SA, which are down by 3.5% or euro 1mn approximately. The total three-year integrated plan implemented by the Group Management aims at further compressing operating expenses at 16% of the total turnover, which continues to grow at rapid rates. The increase in effectiveness was greatly due to the improved utilization of human resources, the new cutting edge Stock Management Center established in Avlona, as well as investments in new Information Technology Systems. All of the above efforts have contributed to the improvement of the levels of stock both on a parent and on a consolidated basis. Hence, on a consolidated basis, stocks were reduced by approximately euro 18 mn, while in the parent company GERMANOS SA by euro 11.5 mn thereby reducing needs in working capital. It is noted for the purposes of absolute comparability and in order to better inform investors that the corresponding first quarter of the previous year had been reinforced by extraordinary non-operating results of approximately euro 1 mn, while on the contrary this year's quarterly accounting statements included extraordinary non-operating losses of euro 137,000. We should highlight that during the last month of the first quarter, the GERMANOS Group of Companies signed two especially important deals with VODAFONE and TELLAS respectively, the benefits of which are expected to appear later in the current fiscal year. Furthermore, an especially positive effect on the financial results for the full 2003 fiscal year will be felt because of the impending acquisition of an additional stake in the Duty Free Shops. Finally, investors are informed that the Regular General Meeting of Shareholders has been scheduled for the Friday, 20th of June 2003, during which a dividend of euro 0.38 will be ratified.