During the first quarter of 2003, the turnover of HELLENIC FABRICS S.A. reached 21.5 million Euros versus 22.25 million Euros for the corresponding period of 2002, posting a small decline of 3%, while pre tax profits for the same period remained at the same level of the previous year reaching 1,3 million Euros. The company's export activity represents 83% of total sales.

Even though denim fabrics sales showed a small quantitative increase in comparison with the last year's three-month period, turnover as well as financial results did not present any significant changes due to the low parity of the U.S. Dollar versus the Euro, as a substantial part of the total sales is realised in dollars.

HELLENIC FABRICS S.A. faces the negative international conditions, by giving emphasis in cost improvement as well as in the continuous development of new products.

Concerning dividends for the fiscal year 2002, the company's Board of Directors will propose to the General Shareholders Meeting on Monday, June 23rd, the distribution of 0.10 Euro dividend per share, increased by 25% versus the fiscal year 2001.