ALUMIL announces significant sales growth for the group and parent company, compared to 1H-2003 figures, stemming primarily from the aggressive policy followed in the international markets.

Particularly, Group sales raced ahead +28.9% y-o-y, to euros 78.15 m. from euros 60.6 m. having W. Europe (+77% y-o-y in quantities) and Middle East (+42% y-o-y in quantities) markets the leading roles in turnover growth. Various products and accessories trading (automation systems, solar protection, polycarbonate sheets, etc.) increased from +22% to 47% (in quantities).

Earnings before interests, taxes, depreciation and amortization (EBITDA) reached euros 12.88 m. a 4.8% drop compared to euros 13.53 m. for 1H-2003, soundly affected by increased operational expenses from heavy Group investment plan. Group net earnings (after minority interests and conversion differences) reached euros 2.84 m. a 45% drop compared to 1H-2003 results that reached euros 5.2 m.

We must mention that reduced earnings are also affected from high depreciation expenses, amounting to euros 7.78 m. approximately, a 35% y-o-y increase compared to 1H-2003 figures. Consolidated financial statements include eleven new subsidiaries, not present in the 1H-2003 statements; therefore, the comparison is not accurate. On a comparable basis, had the 11 new subsidiaries been excluded from the consolidation, Group net earnings would have reached approximately euros 3.38 m. (from euros 2.84 m.)

Parent company sales increased 18.1%, to euros 67.68 m. from euros 57.3 m. of 1H-2003. Net earnings amounted to euros 698 thousands, compared to approximately euros 4 m. of 1H-2003, a significant drop of 83%.

Lower earnings are due to, 1) the parent company new pricing policy (lower prices) towards all subsidiaries, leading with success to significantly higher volume prices, specially for industrial profiles (W. Europe) and 2) to higher operational expenses from investments in Greece and internationally.

Group investments in fixed (non-current) assets for 1H-2004 increased by euros 22 m. A major part resulted to Albania, Serbia and Hellenic subsidiaries. Group total fixed assets total to euros 178 m. (depreciation expenses included).

ALUMIL S.A. is listed among the top European aluminium extrusion and profiles production group (No 1 in Greece since 2000) establishing production sites, large sales networks and warehouses for products targeting architectural & industrial use, shipbuilding, transportation, etc. With 27 subsidiaries, 21 of which are spread throughout Europe, Africa and the Middle East, ALUMIL offers production sites in five Hellenic industrial areas, Romania, Bulgaria, Serbia, Bosnia and Albania. ALUMIL has successfully in filtrated into 45 markets in Europe, the Balkans, the M. East and in the U.S.A. A significant competitive advantage remains its widespread sales network in Greece and in every client-country. Parent company was founded in 1988 and since 1998 is listed in the Athens Stock Exchange. Included four times in GrowthPlus' Europe's 500, ALUMIL's Group sales exceeded euros 135 m in 2002, while net profits (before taxes and minority interests) exceeded euros 12 m.