Group Financial Performance

Q1 2004(pro forma)

2

First Quarter 2004 - Financial Highlights

Sustainable growth trend - Turnover +7.9% to €120.4 m

- Gross Profit +11.7% to €20.3 m- EBITDA +10.1% to €18.4 m- EBIT +15.2% to €16.3 m- Pre-Tax Profit after minorities +17.2% to €15.7 m

Widening profit margins- Gross margin 16.8% (vs 16.3% in Q1 2003)

- EBITDA Margin 15.3% (vs 15.0%)- EBIT Margin 13.5% (vs 12.7%)- Pre-Tax Margin 13.0% (vs 12.0%)

Group Results – First Quarter 2004

3

amounts in € m Q1 2004 Q1 2003 chg

Turnover 120.4 111.5 7.9%

Gross Profit 20.3 18.1 11.7%

Other Income 0.8 0.1

Operating Expenses 4.7 4.2

Financial Results -0.4 -0.2

Extraordinary Results 0.4 0.0

Depreciation 2.7 3.1

-included in operating cost 2.1 2.5

Minorities 0.0 -0.1

Tax Adjustments 0.0 0.0

Pre-Tax Earnings after Minorities

15.7 13.4 17.2%

EBITDA 18.4 16.7 10.1%

EBIT 16.3 14.2 15.2%

Consolidated Balance Sheet

amounts in € m03/200

412/2003

03/2003

Start-Up Expenses 1.4 1.5 2.0

Fixed Assets 167.6 168.8 169.4

Current Assets 201.1 214.1 139.4

Transitory Accounts 8.1 1.9 15.5

Total Assets 378.2 386.6 326.3

Shareholders’ Funds 223.2 207.5 217.2

Provisions 2.3 2.4 1.3

Liabilities 152.5 176.0 107.8

Transitory Accounts 0.2 0.7 0.0

Total Liabilities 378.2 386.6 326.3

Net Debt 6.9 -15.4 20.1

Capex 1.0 12.0 3.5

4

Group Financial Highlights

amounts in € m 2000 2001 2002 2003

Turnover 296.7 368.5 445.5 523.4

EBITDA 38.5 51.1 58.4 69.8

Pre-Tax Earnings(after minorities)

28.0 40.8 44.7 56.8

Net Earnings 15.6 22.0 28.5 34.6

Shareholders’ Funds 187.6 201.3 203.7 207.5

EPS €0.38 * €0.30 €0.39 €0.47

DPS €0.10 €0.10 €0.30 €0.32

Market Capitalisation (28/05/2004)

€322 m

P / E 9.3x

* adjusted for rights issue

5

Quarterly Financial Performance

6

Turnover (in € m)

€ 0

€ 50

€ 100

€ 150

2000 2001 2002 2003

Gross Profit (in € m)

€ 0

€ 10

€ 20

€ 30

2000 2001 2002 20030%

7%

14%

21%

Gross Profit Gross Margin

EBITDA (in € m)

€ 0

€ 8

€ 16

€ 24

2000 2001 2002 20030%

6%

12%

18%

EBITDA EBITDA Margin

Pre Tax Earnings (in € m)

€ 0

€ 6

€ 12

€ 18

2000 2001 2002 20030%

5%

10%

15%

Pre Tax Earnings Pre Tax Margin

INVESTING IN THE FUTURE

Investor Relations OfficerAngelos Kiosklis9 Frangokklisias St, 151 25, Marousi, Greecetel +30-210-6185592fax +30-210-6185698email akiosklis@jp-avax.gr