ATHENS WATER SUPPLY & SEWAGE Co.

First QRT Economic Results

EBT decreased by euro 3,33 mn, reaching euro 2,13 mn. The same period last year EBT were euro 5,46 mn.
This substantial fall is mainly due to the company's decision to support its consumers who striken by the severe weather conditions (snowfall and frost) of February 2004 by reducing their consumptions and the respective first qrt bills to the levels of 2003's first qrt.

Sales reduced for the reasons mentioned before-by euro 0,36 mn reaching euro 66,13 mn against euro 66,49 ml the same period last year.

EBITDA reduced also by euro 1,17 ml reaching euro 10,54 mn compared to euro 11,71 mn during 2003's first qrt.

Depreciation increased by euro 0,69 mn during the 2004's first qrt reaching euro 8,21 mn against euro 7,52 mn the same period last year.As a result current EBIT shaped at euro 2,33 mn compared to euro 4,19 mn last year while EBIT margin is 3,5% in regard with 6,3% the first qrt of 2003.