Review

Group sales during the period 1st January-31 March 2004 increased by 106% to euro 19.1 mio (euro 9.3 mio in 2003). Group invoiced sales during the same period increased by 96%, to euro 15.1 mio (7.7 in 2003). Net profit before tax increased by 258% to euro 619.000 (173.000 in 2003). This increase is mainly due to deliveries of Scania intercity buses, Isuzu pick-ups and of large O&K excavators.

Summary Consolidated Profit & Loss Statement (in 000 Euro).

Prospects for 2004

The original projection of a profit increase of 15% over 2003 remains unchanged.

The Company was established in Thessaloniki in 1922. It manufactures, modifies, distributes and supports a wide range of automotive products including automobiles, trucks, buses, generating sets, diesel engines, boats, outboard engines, agricultural, earthmoving and industrial equipment. The Company has a leading position in the Greek market in the sectors of its activity.

For further information, please contact Ms. Athina Tsiaga, tel.: 210 3499211.