The profitability of Silver & Baryte Ores Mining Co. S.A. has increased on all levels during the first three quarters of 2002 compared to the corresponding period of 2001. Consolidated profits before taxes increased by 5.8% (from euro 18.1 million in 2001 to euro 19.2 million in 2002) and, after minority rights, the corresponding increase reached 5.5% (from euro 17.4 million to euro 18.3 million), while EBITDA margin (earnings before taxes, interest and depreciation) increased to 19% versus 18.5% in last year's corresponding period. Consolidated turnover amounted to euro 222.3 million in the nine months of 2002, showing a decrease of 1.5%, versus the same period in 2001.

In the industrial minerals sector, which represents more than three quarters of Silver & Baryte group/s turnover, total profits before taxes reached euro 14.9 million, increasing by 6.6% compared to last year. Operating profitability had a similar improvement, as depicted in the EBITDA margin increase from 21.7% to 22.4%. On the contrary, total turnover in this sector decreased by 2.3% in comparison to the corresponding period in 2001. In regard to the wide range of markets in which our products are targeted, our sales noted an increase both in the agricultural and the construction materials sector of North America as well as in the civil engineering sector in Central Europe. On the contrary, our sales in the steel industry of North America and in the construction sector in Germany have decreased compared to the same period in 2001.

Regarding the commercial activities sector (Motodynamics S.A. and Ergotrak S.A.), total profits before taxes increased by 3%, reaching euro 4.3 million compared to the first three quarters of 2001. At the same time, consolidated sales amounted to euro 54.8 million, increased by 0.8% versus the corresponding period in 2001.

Commenting on the nine-month financial results, Mr. Efthimios Vidalis, CEO of Silver & Baryte Ores Mining Co. S.A., observed: ?We are particularly satisfied because, despite the continuous recession in industrial activity internationally, our sales have remained at similar levels, while our profitability increased on all levels, due to our intense efforts for constant improvement of our operational profitability.? Referring to the emerging prospects for the fiscal year 2002, Mr. Vidalis noted: ?We expect that the financial results for the full year 2002 will demonstrate an improvement compared to 2001, bigger than the one shown in the financial results of the first nine months of the year 2002?.