According to the P&L Statement of the 30th of June 2004, MICHANIKI S.A. achieved significant profit increase, both at a parent and group level, with earnings growth continuing for the eleventh consecutive quarter.

At a parent company level, Michaniki S.A.?s pre-tax profits increased by 41.14 percent in the first six months of 2004 to 13.26 million euros compared to 9.39 million euros in the same period last year.

Operational earnings rose 36.74 percent to 14.75 million euros compared to 10.79 million in the first half of 2003. Michaniki S.A.'s turnover increased 15.12 percent to 61.39 million euros compared to 53.32 million euros in the past year.

At a Group level, consolidated pre-tax profit after minorities rose 18.73 percent in the first half of this year to 14.86 million euros compared to 12.52 million euros in the same period last year. Group operational earnings rose 21.14 percent to 15.72 million euros compared to 12.98 million.

Michaniki Group turnover increased 9.6 percent to 84.13 million euros from 76.73 million euros in the same period of last year. D/E ratio is standing at 1/6.4 for Michaniki Group, while is at 1/8.3 for parent company Michaniki S.A.

On August 3, 2004 the company initiated a new buy-back program of own common shares through the Athens Stock Exchange. The maximum number of common shares to be bought in the next 12month period is up to 5.000.000 with the maximum purchase value of 4.00 euros and the minimum purchase value of 1.00 euro.

At present Michaniki is awaiting the final approval from Greek authorities to sign contracts for the public construction projects of:

-Connection of Patras Detour and Setlement of Diakoniaris stream, budgeted at euros 60.0 million,

-2nd Phase of Arta-Filippiada Detour, budgeted at euros 37.0 million,

-Settlement of Xirias stream, budgeted at euros 32.6 million.