Consolidated sales growth reached 7% and net earnings growth 8%. Significant improvement stemming from subsidiaries' results and high-end products headed to W. Europe, M. East and the U.S.A. Further growth is anticipated in Greece and the Balkans by the completion of 2002 - 2004 Investment Plan. It is stated that consolidated financial statements include for the first time all group subsidiaries (25), henceforth results are not fully comparable.

Alumil results are moving steadily upwards every financial year, since the beginning of production in 1990. During five-year-period 1999-2002, net earnings presented 79.2% increase and sales over doubled (126% increase), a result of sound administration and external market orientation.

Particularly, group sales reached 135.45 m. euros a 7% growth compared y-o-y to 126.56 m. euros 2002 results. Operational earnings (before interests, taxes, depreciation and amortization, EBITDA) rose by 11.6%, to euros 28.24 m. for 2003, compared to 25.3 m. euros of 2002, despite increased operational expenses deriving from 2002 - 2004 Group Investment Plan, in tandem with expenses to support new group structure and organization. Group earnings (earnings before minority interests and conversion differences) rose 8%, to 11.26 m. euros, compared to 10.42 m. euros (2002 results).

Group net earnings, (after taxes, minority interests and conversion differences) reached 8.32 m. euros from 8.13 m. euros and EPS (earnings per share) after tax rose to 0.38 euros. On a net, y-o-y basis, had these 10 new subsidiaries been excluded from Consolidated Financial Statements, group earnings before taxes and after minority interests would have risen to euros 12.78 m. instead of 9.3 m. euros (39.7% growth) Sales and earnings growth resulted primarily from volume sales in high-end, added value products, with focus in W. Europe, M. East (100% exports increase) and in the U.S.A. (310% exports increase).

Group total fixed assets investments reached 158 m. euros (35.7 m. euros increase in 2003, depreciation included), 90 m. euros of which are attributed to parent company Alumil. We mention - among other projects - a new composite panels production line (J-Bond) 800,000 square meters capacity, in subsidiary ALUFIL in Kilkis industrial site (total cost 15.5 m. euros, now in full production mode), as well as two anodizing lines for profiles (20,000 tons), under construction. Furthermore a new 4,500 tons profiles line in Komot ini (Greece) and a new, state-of-the-art 20,000 tons architectural and industrial profiles production line (10 m. euros) in Kilkis (ALUMIL, Greece). The aforementioned investments shall be completed within the first semester of 2004, expected to fully perform within 2004. Current total extrusion capacity reaches 73,000 tons per year and powder coating will soon reach 53,000 tons. Group plans for Serbia (Tsatsak, ? 10 m. integrated investment plan) and Albania (Tirana, 5 m. euros integrated investment plan) are pro ceeding as scheduled.

TUV HELLAS certified Alumil with the updated version of ISO 9001 for all production departments.

Group growth in sales, earnings and investments lies in the highest position among Hellenic (Greek) competitors. Group investments for 2004 are expected to reach 25 m. euros It is also clearly stated that discussions taking place with GIORGIO ARMANI INDUSTRIES for a probable cooperation to design ALUMIL systems are met in a preliminary stage, without reaching to an agreement by now.

Mother company (ALUMIL) sales reached 123.8 m. euros a 4.5% growth compared y-o-y to 118.5 m. euros 2002 results. Operational earnings (before interests, taxes, depreciation and amortization, EBITDA) dropped by 5.5%, to 17.4 m. euros for 2003, compared to 18.4 m. euros of 2002, due to previously commented expenses. Net earnings, (after taxes, minority interests and conversion differences) rose 0.6%, to 8.6 m. euros (from 8.56 m. euros in 2002).

It is noted that ALUMIL Financial Statements include 1,58 m. euros tax differences, for Governmental Tax Authorities did not perform tax audit (due to bureaucratic procedures) since 1996. Henceforth, mother company was charged with the particular amount, to be theoretically divided (unequally, without large deviations) to the last five financial years. In this way, total amount charging each year, in accordance with Administrations' previous estimations, does not significantly influence results, consisting a m inor percentage compared to accumulated-five-year group sales (472 m. euros respectively).

Chairmen of the Board, considering financial results, investment plan schedule, and dividend policy (aim to increase payout volumes), shall recommend to the Annual General Shareholders Meeting (proposed date, Friday, May 28th 2004) a 0.06 euros dividend per share, a 20% increase compared to 0,05 euros per share in 2002.

Group administration foresees even better results in 2004 and 2005, when new investments will perform as scheduled and new, value-added products such as composite panes (J-Bond), polycarbonate sheets, automation systems & aluminium accessories shall enter into significant volume sales, in combination with Alumil's commercial agreements: Phifer Inc. for solar protection systems, Porsche design for aluminium systems and others.