August 23, 2004. Consolidated profit before tax after minority rights of HDFS group of companies posted an impressive increase of 34.8% in the first semester of 2004 compared to the first semester of 2003. According to the financial statements for the first half of 2004, consolidated profit before tax, after minority rights, reached euros 21.879 million compared to euros 16.236 million for the respective period of 2003.

Equally impressive was the growth of the group's consolidated sales in the first semester, which increased by 30.8%, amounting to euros 113.829 million compared to euros 87.021 million for the respective period of 2003.

Consolidated profit before tax and minority rights increased by 36.4% and reached euros 23.466 million, compared to euros 17.207 million for the first half of 2003.

In addition, EBITDA increased to ? 25.065 million compared to euros 19.175 million in the first semester of 2003.

Similarly, profit before tax of the mother company HDFS increased by 32.5%, despite the slowdown of tourism, reaching euros 21.155 million in the first half of 2004 from euros 15.971 million in the first half of 2003. Sales during the first half of 2004 reached euros 86.997 million from euros 73.868 million during the respective period in 2003, posting an increase of 17.8%.

Earnings per share for the first semester of 2004 increased to euros 0.402 compared to euros 0.303 for the respective period of 2003.

During the first half of 2004 the efforts to further contain operational costs continued. As a result, the growth rate of total expenses was lower than the growth rate of sales. Hence, expenses as a percentage of sales dropped to 32.9% in the first semester of 2004 compared to 35.1% in the respective period of 2003.

Moreover, the Company continued to emphasize on the upgrade of its stores network. Indicatively the Company:

• Operated a new fashion stock outlet of approximately 360 sq.m. at the border station of Kipi Evrou, as well as a new shop in Katakolo port in Ilia.

• Refurbished the stores at the airports of Zakynthos, Kerkyra, Kefallonia, Kalamata, Irakleio, Chania, at the border stations of Ormenio Kipi Evrou, Evzoni, Idomeni and at the port of Mytilini.

• Operated the first tax-free fuel station in Kipi, Evros.

Finally, the financial performance of the subsidiary company Hellenic Distributions, S.A. which also achieved significant growth in the first semester of 2004, should be noted. In particular, sales reached euros 6.247 million in the first half of 2004 compared to euros 3.731 million during the respective period of 2003, marking an increase of 67.42%; profit before tax reached euros 0.748 million compared to euros 0.421 million, posting an increase of 77.63%.

Download the H1 2004 Results Presentation.