GERMANOS' financial results demonstrated impressive growth rates for the fiscal year 2003 on a parent and consolidated basis.

On consolidated basis, Turnover increased 16.6% year-on-year to EUR 707 million, implying growing market shares in all geographic regions. Airtime revenues ' which are considered as recurrent revenues and fully contribute to the Group's gross profit - demonstrated a significant increase of 21.8% on annual basis. Furthermore, it is worth mentioning that the contribution of foreign markets (such as Poland, Romania, Bulgaria, FYROM) to the consolidated turnover captured a share of 14.5%, exceeding EUR 107 mil lion.

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose by 20% y-o-y, and reached EUR 78.3 million. It is worth mentioning that the Management continued their efforts to reduce operating expenses as percentage of turnover. As a result, operating expenses moved lower to 15.4% of turnover in 2003 versus 17.9% in 2002. The lower burden of operating expenses in turnover was the result from a series of factors such as the introduction of modern IT systems and a more efficient management of

HDFS's financial results participated to a significant extent in Group's profitability, adding approximately EUR 7.2 million to the bottom line. Earnings Before Tax and after Minority Rights (EBT) reached EUR 59.7 million compared to EUR 45.9 million in 2002 demonstrating an increase of 30%. Finally, Net Profit after Tax amounted to EUR 45.16 million, rising by 31.8% as compared to the year 2002. Consequently, Earnings Per Share settled at EUR 1.14 from 0.865 in 2002.

With regard to the parent company GERMANOS SA, financial results demonstrated similar growth rates. More specifically, turnover settled at EUR 582.2 million, higher by 12.6% year-on-year, whereas Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) rose 17.2% y-o-y to EUR 71.5 million. Finally, Profit before Taxes increased by 10.8% y-o-y and settled at EUR 54.5 million.

With regard to the Company's dividend policy, the Management is going to propose the distribution of EUR 0.40 per share for fiscal year 2003, versus EUR 0.38, which was the Company's dividend in the previous year.