The financial results for the 9months of 2002 present a quite significant satisfactory picture, from both the sales and profitability points of view, as compared to the respective period of last year, as well as to the trends of the A' quarter, while confirming the dynamic improvement presented in the A' half of the current financial year.

The financial results reflect the continuous effort of the Management for the improvement of all areas of activity in the company during the last 13 months.

In detail, the sales (after the deduction of VAT and other taxes and duties) present a considerable improvement by 13.52%. The sales reached the amount of ? 149.5 million for the 9months of 2002 compared to ? 131.7 million for 2001.

Respectively, the gross profit improved by 18.34%, attributed mainly to the successful negotiations and renegotiations of the purchasing terms with the suppliers. In actual figures the gross profit reached ? 74.3 million for the 9months of 2002 compared to ? 62.8 for 2001. This successful development is also reflected on the considerable improvement of the Gross Profit Margin by 2.02% (in absolute terms) compared to the respective period last year, leveling at 49.69% (compared to 47.67% for 2001).

The other operational income continued to present an impressive increase by 42% attributed mainly to the effort of the Management in focusing on the optimum exploitation of other sources of income (mainly income from marketing activities). Thus, the total income before interest and taxes present an improvement by 19.24% reaching ? 77.8 million (compared to ? 65.3 for 2001). The interest income, as expected, presents a decrease of approximately 31%.

A slight increase of 7.42% is noted in the general expenses (i.e. 47.4 million, compared to ? 44.1 for 2001). This is considered as quite successful, given the exceptionally high concession fees paid to the AIA at Spata. (The company has started paying concession fees at AIA as of 29/3/01. It should be noted that, in case that the respective amounts of ? 2.17 million of concession fees would not apply, then the general expenses would remain at the same level of the respective period last year, whereas the profit for the 9months, would have reached the amount of ? 33.379 million, that is an increase by 49.77% compared to 2001).

Looking in more detail in the expenses of all categories, one could note that the continuous effort for the best possible management of the staff has resulted to a significant saving of ? 5.5 million based on the staff salaries to sales ratio; this ratio has improved by 23.33% compared to the respective period last year (that is from 15.87% for 2001 to 12.17% for 2002).

The operational expenses and the selling and distribution expenses have increased by 13% approximately, whereas, there is an increase in the advertisement expenses and depreciations due to the significant investments that took place for strengthening consumers awareness and the renovation of existing and establishment of new shops.

Based on the above, the profit before tax (PBT) of the company reached ? 31.209 million for the 9months of 2002, compared to ? 22.287 million for 2001, presenting an impressive increase by 40.03%.

Finally, it is noted that all the above positive results were achieved in a negative -as commonly accepted- period (i.e. decrease in passengers' flow, e.t.c), whereas, they surpass by approx. 8% the budgeted amount in terms of profitability (PBT).