PIPEWORKS L. TZIRAKIAN PROFIL S.A.

With increase of her turnover of as well as her results closed the period of 2004 for PIPE WORKS LIMBAR.TZIRAKIAN PROFIL S.A.

The company presented increase in her turnover at 17,54% and it amounted in the sum of 31.140 thousands of Euros from 26. 494 thousands of Euros that were 2003.

- The net pre-taxes profits amounted in the sum of 4. 540 thousands of Euros from 428 thousands of Euros. The above reported increase of net profits emanated mainly because the improvement of percentage of mixed margin of profit from 11,74 % that was in 2003 in 25,03 % during 2004 and also in the maintenance of expenses of Administration of Disposal of Interest in the same roughly levels with last year.

The Administrative Council of Company decided it proposes in the Regular General Assembly of her shareholders the distribution of dividend of sum 1.270.000,00 Euro i.e. 0,10 Euros per share while the dividends for 2003 that had been distributed was 254.000,00 Euro that is to say 0,02 Euros per share.

- The circulating asset in 2004 amounted in the sum of 34.000 thousands of Euros from 30. 680 thousands of Euros presenting increase 10,82 % concerning to the corresponding period of 2003.

Regard to the long-term obligations because reformation of banking lending of Company were increased and they amounted in the sum of 13.337 thousands of Euros from 9.337 thousands of Euros that was been last year, while short-term obligations from 13.258 thousands of Euros were decreased in 10.834 thousands of Euros.

As total obligations we had increase of order 6.97 % and in absolute sizes amounted in the 24.171 thousands of euros from 22.595 thousands of euros that were 2003.

In level of group the turnover amounted in the sum of 35.040 thousands of euros from 2 9.057 thousands of euros that was in the corresponding period it marked increase at 20,59% while the net profits pre taxes and afterwards the abstraction of minority rights amounted in 4.735 thousands of euros from 201 thousands of euros that were last year?s corresponding period.