Significant financial growth for KRI-KRI SA Milk Industry is expected for 2004, as mr Panagiotis Tsinavos, President and CEO of the company, remarked during the today's company presentation to the Association of Greek Institutional Investors. Specifically, the estimation for 2004 sales are to be amounted at some 25 millions of euros, towards 19,5 millions of 2003, representing a growth of 27%. At the same time, the upward trend of export activities has been noted, while the export sales are predicted to be at the 10% of the total annual turnover.

According to mr Tsinavos, the positive trend of the company's financials is due to the geographic expansion of ice cream distribution network, as well as due to rapid implementation of company's investment plan concerning yogurt products, on total amount of 2,5 millions of euros. In particular, even by the beginning of the year, the regions of Achaea and Aetoloakarnania have been added to the ice cream distribution network, while by the end of 2004, the points of sales of ice cream through the Balkans are to be approximately 10.000. Relatively to yogurt, new products are to be launched through all Greece before summer, having as a target the significant reinforcement of KRI-KRI share to the specific market.

During the presentation, Mr. Tsinavos mentioned the trail of the company for 2003, pinpointed that the steadily growth of KRI-KRI isn't coincidental. 'The last five years, KRI-KRI SA managed to strengthen its position among the most dynamic milk industries in the Balkans, showing very big growth rates per year (27%)', as it is mentioned by the President of KRI-KRI. Moreover, the company keeps up its steadily growth based on a specific strategic plan which foreseen sales CAGR of 25% for the next triennium. Also, one target for the next triennium is for the 15% of annual turnover to come from the promotion of new products.

Specifically, during the current year , company is implementing :

• Completion of ice cream and yogurt Pan-Hellenic distribution network

• Launch of six new products of ice cream, as well as launch of new European type yogurts, in small individual packages.

• Farther increase of exports, so much to Balkans, as well as to central and northern European countries.

Relatively to the financial results of 2003, it is mentioned that the consolidated earnings before taxes amounted at 2,230 millions of euros, showing a growth of 30,50% ahead of 2002, while after the abstraction of taxes and minority rights, these earnings shaped to 1,859 millions of Euros, indicating a growth of 30,82%. Moreover, EBITDA amounted to 4,322 millions of euros, increased by 40% towards of 2002. The consolidated annual turnover amounted at 19,547 millions of euros, showing an increase by 25,53% ahead of 2002. Meanwhile, KRI KRI's 2003 exports growth (81%) was spectacular, amounted at 1,7 millions of euros, representing the 9,4% of the total sales.