Review
Group sales during the period 1st January-30 September 2004 increased by 65.4% to euro 65.2 million (euro 39.4 in 2003). Group invoiced sales during the same period increased by 61.9%, to euro 59.1 million (36.5 in 2003). Net profit before tax increased by 83% to euro 3.847.462 (euro 2.102.672 in 2003).

Average Group Solvency (Equity plus Provisions as a percentage of Total Liabilities without Cash and Securities) was 36.6% (43.2 % in 2003). Cash and Securities were euro 4.7 million on average during the first 9 months of 2004 (euro 2.3 for the whole of 2003).

Prospects for 2004
The increase in sales and profits for the third quarter is mainly due to the intercity bus activity, which started in the 3rd quarter of 2003 and was completed by August 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.