A.G.PETZETAKIS GROUP KEY FIGURES
Consolidated Sales of €184.2mil representing an increase of 3.4% from 2002
Reduction of operational and financial expenses by 12.11% (€6.4 mil.)
Increased EBITDA of €20.5 mil (€12.4mil in 2002)
Earnings before taxes of €4.3mil ( vs losses of €8.5 mil in 2002)
Reduction in Total Bank Debt by €12.3 mil
Total Equity increase of 25.5%, forming at 61.8mil for 2003

A.G.PETZETAKIS reported a significant improvement at its financial figures for the year 2003, both at a group and at a parent company level.

A.G.PETZETAKIS completed a successful restructuring plan with notable achievements. Consolidated turnover recorded a 3.4% increase, amounting to €184.2 mil vs €178 mil in 2002. The more efficient utilization of resources in the groups’ production units led to an increase of Gross Profit to €48.3mil, compared to €43.3mil in 2003. Furthermore, the management’s commitment in a strict cost-cutting programme resulted in an EBITDA of €20.6 mil vs €12.4mil for 2002, enhancing the EBITDA margin to 11.2% from 6.9% a year ago. The repayment of bank debt led to the reduction in interest payments by €2 mil. All the above allowed the complete turn-around for the group results, driving Operational Income to €4 mil overturning losses of €8.2mil in 2002. Earnings before Taxes were boosted to €4.3mil from €8.5mil loss in 2002.

Equally, the parent company recorded good results for the year. In 2003, sales posted a small increase of 1.02%, reaching €57.3mil. Management’s efforts to improve the competitiveness of the company in the Greek market and the continuous reduction of costs led to a decrease of 30.2% in operating expenses in relation to the previous year. Operating Income reached €1.2mil confirming management commitments. Increased income from group subsidiaries of €4.1mil coupled with lower interest expense, led to Earning before Taxes of €0.9mil, reversing losses of €13.6mil in 2002.

Strategic action taken during 2003 has formed a solid foundation for the group’s international production operations, sharpening its global competitive edge. For the current year, group’s management is focused on growing sales profitably while maintaining a competitive operational base. Our objective is to continuously improve figures, reaching the levels that truly correspond to the Group’s market presence and potential.

For further information, please do not hesitate to contact Mr. Kanellopoulos at 210 89 37 100 or the Investor Relations Dpt at 210 89 37 353 ( e-mail: investor_relations@petzetakis.gr. )

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