Parent company: profit +62.7%, turnover +53.8%
Group: profit +23.6%, turnover +26.9%

MICHANIKI SA is pleased to announce strong profitability and turnover growth in 2003, both at a group and parent company level, based on its financial statements on December 31, 2003.

At a parent company level, Michaniki SA pre-tax profit grew 62.71% to 12.31 million euros in 2003 from 7.56 million in 2002. Turnover rose by 53.79% to 109.53 million euros from 71.21 million euros in the same period a year earlier.

Group pre-tax profit after minorities grew 23.61% to 16.76 million euros in 2003 from 13.56 million in 2002. Group turnover increased by 26.98% and reached 152.12 million euros versus 119.79 million euros in 2002.

Management will propose to the general assembly of shareholders a dividend per share of 0.09 euros for 2003, a payout that translates to a dividend yield of approximately 2.7% for the common shares and 3.9% for the preferred ones. In 2002 the company had paid a dividend of 0.034 euros for the common and 0.059 euros for the preferred shares.
Michaniki SA is currently taking part in more than 20 large-scale construction projects, with its order book of signed contracts exceeding 300 million euros.

As regards its participation in public works tenders, MICHANIKI SA has been shortlisted and is awaiting the final award decisions in the following projects:
Detour of the city of Agrinio Budget: 100 mln euros
Roadworks at Skarfia-Lamia-Rahes Budget: 93 mln euros
Construction of cargo facility at N. Ikonio Budget: 35 mln euros
Construction of dam at Triantafyllia Budget: 44.3 mln euros
Connection of detour Patras-Diakoniari Budget 60 mln euros
City of Pella Museum Budget 11.1 mln euros

Moreover, as the company's offers have obtained the approval of pertinent evaluating committees, contracts on the following projects will be signed after a decision by the Public Works and Environment (YPEHODE) minister:
Detour of Arta-Filippiada (II) Budget: 37 mln euros
Flood-prevention at Xirias River Budget: 32.6 mln euros

In addition, Michaniki's wholly-owned subsidiary Tholos SA has submitted bids on the following tenders:
Valsamioti Dam Construction Budget: 23.9 mln euros
Flood-prevention works at Vari-Koropi Budget: 9.5 mln euros

This year the "Omilos Odopoiisis" joint venture, (Mota-EngilSGPS, Mota& Companhia, Engil-Sociedade, Acciona, Nesco Entrcanales Cubiertas, Banco Espirito Santo, Michaniki, Themeliodomi) - in which Michaniki has a 12.5% stake - will submit an offer to undertake the construction of the BOT project:
PATHE autoroute, section Malliakos-Kleidi

The above joint venture has already been shortlisted in two other BOT highway projects and is awaiting an invitation to submit its financial offer:
PATHE autoroute, section Elfsina-Corinth-Patras
Autoroute, section Corinth-Tripolis-Kalamata

In the energy sector, MICHANIKI SA's first hydroelectric power plant (4.5 MW) at Theodoriana, Arta began its commercial operation in December, supplying the Public Power Corp. (DEH) with electricity under a 10-year contract. Annual revenues are expected to amount to 1.3 million euros.
The company has also been granted a zoning permit to build a large hydroelectric power facility (93 MW) at river Aracthos in Arta (western Greece), an investment outlay of about 147 million euros with expected annual revenues of around 20 million euros.