Mytilineos Holdings reported significantly improved results for the period ended 30/09/2004, as the profits before taxes and minority rights increased by 32.63%, reaching euros 13.7 million compared to euros 10.3 of the respective period in 2003. Group's turnover increased by 10.1% compared to that of the respective period in 2003, reaching euros 223.4 million (euros 202.9 million in 2003), despite the negative effects of the US dollar depreciation pertinent to Group's metals sales, which however were counterbalanced by the increases of basic metals prices, as well as the increased volume of sales.

Similarly, the consolidated profits before taxes, interest, depreciation and amortisation (EBITDA) reached euros 31.6 million, showing an increase of 3.24% (euros 30.6 million last year), while the consolidated profits before taxes increased by 20.8%, reaching euros 19.1 million versus euros 15.81 million last year. This significant increase in profits has been accomplished through the improvement of the gross profit margin (from 19.67% to 20.75%).

It should be noted that the consolidated results include the results of ELVO S.A., although by its net position only. According to the International Financial Standards (IFS), ELVO's total consolidation is scheduled for the results of fiscal year 2005. Furthermore in order to comply with the demands of the International Financial Reporting Standards, but also to improve the consistency of its balance sheet's data structure, Mytilineos Holdings reports the consolidation differences (goodwill) in the consolidated balance sheet's assets, under the category 'Other Intangible Assets' accounting also the respective depreciation of approximately ? 4.5 million which has been brought against this period's results. Thus, for comparison reasons, a reform of the previous period's respective accounts has incorporated, the relative depreciation. More specifically, the depreciation for the 9-month period ended 30/09/2003 were euros 4.2 million.

A similar improvement appeared in the financial results of the parent company Mytilineos S.A. in the first 9 months of 2004. The company's turnover showed an increase of 6.9% reaching euros 112.4 million (euros 105.2 million in the respective period of 2003). Profits before taxes increased by 55.61% reaching euros 11.1 million compared to euros 7.1 of 2003, while profits before taxes, interest, depreciation and amortisation (EBITDA) for the same period came up to euros 14.5 million showing an increase of 33.38% (euros 10.8 last year). Again the profit increase is mainly attributed to the improvement of the gross profit margin to 17,02% in the nine-month period of 2004 from 10.9% in the respective period of 2003. ΜΕΤΚΑ?s nine month results showed also an increase in turnover increasing by 5.61% reaching euros 108.7 million compared to euros 102.9 for the respective period of 2003, while the profits before taxes and minority rights remained stable compared to last year. It should be noted however, that last year?s profits were influenced by a circumstantial extraordinary high performance of the second trimester.