Parent Co:

1Q/04 sales at 16.9 mil euros - an increase of 28%

17% Reduction in Operational Expenses

EBITDA 1.9 mil. euros an increase of 38%

Earnings before Taxes at 0.7 mil euros (1Q/03 - 0,3 mil euros)

A.G.PETZETAKIS GROUP:

Consolidated Sales at 50.4 mil euros - an increase of 14%

EBITDA 5.2 mil euros - an increase of 29%

Earnings before Taxes at 2.1mil euros (1Q/03 - 1.1 mil euros)

A.G. PETZETAKIS S.A. portrays a substantial overall improvement in its financial figures for the 1st Quarter of 2004, both at parent company as well as at group level.

The parent company, A.G.PETZETAKIS S.A., presents a sales boost of 28% reaching the amount of 16.9mil euros. This sales-turnover augmentation is attributed initially to the increasing growth rates (25%) prevalent in the domestic market but mainly to the export sales escalation by almost 40%. In spite of this significant increase in sales figures, the company managed to further decline its operational expenses by 17%, verifying the success of the Group Business Plan for the year and further improving EBITDA at ? 11.6mil (respective figure from 1Q 2003 was 10.7 mil euros). Summing up, steady sales growth and commitment to restraining operational costs led to the doubling-up of the organizational profit, reaching the figure of 0.72 mil euros as Earnings before Taxes for the first quarter.

The group, on a second level, presented continuous development in its figures with a turnover increase of 14% reaching 50.4 mil euros; a figure that verifies the positive contribution from the European subsidiaries as well as from the S. African one. Operational expenses presented a reduction, improving, thus, EBITDA by 28,8% at 5.2mil euros. In addition to that, Earning before Taxes doubled up at 2.1mil euros.

It should be noted here that the doubling-up of the profits as well as the strengthening of practically all performance ratios [Gross Margin reached 24.2% (2003: 23,3%) and Operating Profit reached 5.5% (2003: 3%) were achieved despite adverse trading conditions and at a time where raw material prices went up, burdening thus the Cost of Goods Sold. This point only further proves the substantial increase in the efficiency of our productivity as well as the continuous reduction of operational costs - as an i ndividual figure as well as a percentage over sales figures (19.6% from an initial 22.4% at group level and 14.5% from 22.3% for the parent company).

Group Management estimates that growth rates, as depicted in the first quarter, shall be sustained throughout 2004 and the doubling up of the order backlog stands proof for that. A.G.PETZETAKIS taking advantage of its significant global presence and highly competitive structure is expanding its shares in all markets where it operates, accelerating thus the improvement of all its financial figures.