GERMANOS Group of Companies achieved impressive rates of growth in the first half of 2003. In the published accounting statements for the first half of 2003 the Group's turnover reached euro 317 mn, an increase of 11.9% compared to 2002. It should be stressed that the increase in turnover derived from the Group's overall activities, that is from the Retail Chain, Industrial Activity as well as from wholesale activities. Furthermore, it should be stressed that the Group has been constantly gaining market shares in its activities abroad. Thus, sales realised abroad amounted to 12.5% of consolidated turnover in the first half of 2003 compared to 7% for the same period in 2002.

Earnings Before Taxes, Interest Depreciation and Amortization (EBITDA) increased by 37.4% and amounted to euro 32.7 mn over the same period. The significant increase derives mainly from the 3-year plan already running aiming to cost reduction through the enterprise's operations redesign. Specifically, operating expenses amounted to euro 52.7 mn against euro 54.7 mn achieving a fall of euro 2 mn and they stand at 16.6% on sales compared to 19.3% in 2002. In addition, consolidated profits before taxes increased by 60.3% and reached ? 23.7 mn over euro 24.8 mn.

It must be noted that the group's results have been affected significantly by the dividend received from Hellenic Duty Free Shops for the fiscal year 2002, amounting euro 5.05 mn.

Figures for the parent company GERMANOS S.A. achieved similar rates of growth. Specifically, sales reached euro 264.9 mn an increase of 7.9%, while Earnings Before Taxes, Interest Depreciation and Amortization (EBITDA), amounted to euro 30.1 mn an increase of 39.9%. Profits before taxes of the parent company GERMANOS S.A. amounted to euro 24.2 mn achieving an increase of 42.2%.