2004

06/05/2004 - 1st Quarter 2004 Results.

Substantial Turnover Improvement at € 50.4mil and
Doubling-up of Profits at € 2.1 mil.

A.G.PETZETAKIS S.A.
1Q/04 sales at €16.9 mil - an increase of 28%
17% Reduction in Operational Expenses
EBITDA €1.9 mil. – an increase of 38%
Earnings before Taxes at €0.7 mil (1Q/03 - €0,3 mil)
A.G.PETZETAKIS GROUP
Consolidated Sales at € 50.4 mil - an increase of 14%
EBITDA € 5.2 mil - an increase of 29%
Earnings before Taxes at € 2.1mil (1Q/03 - €1.1 mil)

A.G. PETZETAKIS S.A. portrays a substantial overall improvement in its financial figures for the 1st Quarter of 2004, both at parent company as well as at group level.

The parent company, A.G.PETZETAKIS S.A., presents a sales boost of 28% reaching the amount of € 16.9mil. This sales-turnover augmentation is attributed initially to the increasing growth rates (25%) prevalent in the domestic market but mainly to the export sales escalation by almost 40%. In spite of this significant increase in sales figures, the company managed to further decline its operational expenses by 17%, verifying the success of the Group Business Plan for the year and further improving EBITDA at € 11.6mil (respective figure from 1Q 2003 was € 10.7 mil). Summing up, steady sales growth and commitment to restraining operational costs led to the doubling-up of the organizational profit, reaching the figure of €0.72 mil as Earnings before Taxes for the first quarter.

The group, on a second level, presented continuous development in its figures with a turnover increase of 14% reaching €50.4 mil; a figure that verifies the positive contribution from the European subsidiaries as well as from the S. African one. Operational expenses presented a reduction, improving, thus, EBITA by 28,8% at €5.2mil. In addition to that, Earning before Taxes doubled up at €2.1mil.

It should be noted here that the doubling-up of the profits as well as the strengthening of practically all performance ratios [Gross Margin reached 24.2% (2003: 23,3%) and Operating Profit reached 5.5% (2003: 3%)] were achieved despite adverse trading conditions and at a time where raw material prices went up, burdening thus the Cost of Goods Sold. This point only further proves the substantial increase in the efficiency of our productivity as well as the continuous reduction of operational costs - as an individual figure as well as a percentage over sales figures (19.6% from an initial 22.4% at group level and 14.5% from 22.3% for the parent company).

Group Management estimates that growth rates, as depicted in the first quarter, shall be sustained throughout 2004 and the doubling up of the order backlog stands proof for that. A.G.PETZETAKIS taking advantage of its significant global presence and highly competitive structure is expanding its shares in all markets where it operates, accelerating thus the improvement of all its financial figures.

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. )